Tata Power approves ₹11,871-crore pumped storage project
In short
Tata Power has approved a ₹11,871-crore pumped storage project at Shirwata. The project is 1.8 GW and is expected to take about 51 months to finish. Sanjay Banga was also named CEO and MD-designate.
The project is meant to improve energy storage and support cleaner power plans, which could help the company expand in renewables and manufacturing.
What the reporting says
Tata Power approved a ₹11,871-crore pumped storage project at Shirwata and named Sanjay Banga as CEO and MD-designate. The project is described as 1.8 GW, with completion expected in about 51 months, and the investment is to be financed mainly by debt. The reported goal is to strengthen energy storage and support decarbonisation while the company increases spending in power generation, renewables and manufacturing.
Why it matters
Tata Power approved a ₹11,871-crore pumped storage project at Shirwata and named Sanjay Banga as CEO and MD-designate. The project is 1.8 GW, is expected to be completed in about 51 months, and is mainly debt-funded. The stated purpose is to improve energy storage and support decarbonisation as the company expands investment in power generation, renewable energy and manufacturing.