Amidst Legacy’s Echoes: Noel Tata Drives Ambitious Growth for Tata Power to Double Revenue Post Ratan Tata’s Heartfelt Passing
Following the recent passing of Ratan Tata, Tata Group companies are setting ambitious targets under the direction of Noel Tata. Specifically, Tata Power Ltd. has declared its aim to double its revenue to reach Rs 1 lakh crore by 2030. The company is also targeting a profit after tax (PAT) of Rs 10,000 crore within the same period, according to CEO and MD Praveer Sinha. Sinha articulated that, with 20 consecutive quarters of improved performance and solid fundamentals, Tata Power is poised to elevate its current revenue of approximately Rs 60,000 crore to the new milestone by 2030.
To achieve this, Tata Power is focusing on scaling its EBITDA from the current Rs 14,000-15,000 crore range to over Rs 30,000 crore. The company’s capital expenditure is set to rise, with projections of Rs 21,000 crore for FY25 and an annual capex goal of Rs 25,000 crore moving forward.
In a significant development, Tata Power recently signed a Memorandum of Understanding (MoU) with the Asian Development Bank (ADB) securing $4.25 billion for eco-friendly energy projects at COP29 in Baku, Azerbaijan. This aligns with Tata Power’s commitment to sustainable energy solutions, as the company boasts a diverse energy portfolio, including 6.7 GW of clean energy.
Highlighting its investment in solar energy, Tata Power has unveiled a new 4.3 GW solar cell production facility in Tirunelveli, Tamil Nadu, which complements a similarly sized module manufacturing plant that began operations in October 2023. This project involved an investment of approximately Rs 4,300 crore.
The company is adhering to governmental mandates requiring Central Public Sector Units (CPSUs) to bid for at least 10 gigawatts of renewable projects annually through fiscal year 2028, opening avenues for expanded operations. Additionally, Tata Power manages a smaller-scale manufacturing facility in Bengaluru.
Original Source: https://www.india.com/business/weeks-after-ratan-tatas-death-noel-tata-eyes-big-goal-as-tata-power-plans-to-double-its-revenue-by-7447935/
Category : Business,Tata Group,Tata Power
Tags:
Publish Date: 2024-12-07 11:15:00
