Tata Power is reportedly in the process of securing a loan of up to $1 billion (around ₹8,300 crore) to fund its renewable energy projects.
What Happened: According to a report by Bloomberg on Friday, Tata Power’s move to secure this substantial loan is aimed at bolstering its green energy initiatives. This comes as India is making significant progress towards its ambitious renewable energy targets. Tata Power’s focus on clean energy aligns with the nation’s broader goal of reducing its carbon footprint and transitioning to a more sustainable energy model.
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As per the report, The Tata Group is in discussions with lenders such as State Bank of India, IndusInd Bank, Axis Bank, and ICICI Bank for a loan. The loan proceeds will be used to finance the company’s $1.6 billion investment announced in August to develop clean energy projects, specifically pumped hydro storage.
Earlier in the month, the company posted its earnings for the quarter ended March. The company’s Q4 revenue fell short of street expectations, leading to a drop in its share price.
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