Tata Group Stock primarily involved in the business of generation, transmission, and distribution of electricity and many more in focus after signing a multi-year power purchasing agreement with BluSmart.
With a market capitalization of Rs. 1,21,822 Crores, the shares of Tata Power Limited were trading at Rs. 381.10, up 0.60 percent from its previous day’s close price of Rs. 378.95.
BluSmart has signed a multi-year power purchasing agreement with Tata Power Trading Corporation Limited (TPTCL) a wholly-owned subsidiary of Tata Power Limited to source green energy. This strategic collaboration marks a significant step towards BluSmart’s commitment to decarbonizing mobility at scale and bolstering India’s net-zero ambitions.
Under the PPA, 30 MW capacity will be sourced by Tata Power Trading Corporation Limited from the Company’s expansive 200 MW Solar PV power plant in the Bikaner district, Rajasthan.
This partnership with TPTCL allows BluSmart to completely eliminate Scope 2 emissions from its existing 1.4 million sq. ft. of EV charging infrastructure and future charging hubs, Making it the first mobility player in India to transition from zero tailpipe emissions to a zero emissions Company.
BluSmart is India’s leading born-electric, full-stack, vertically integrated eMobility ride-hailing service and EV charging infrastructure network. It operates around 6,000 Blusmarts Ev’s in densely populated megacities like Delhi NCR, Bangalore, and others.
Tata Power Company which is a part of the famous Indian conglomerate the Tata Group, is India’s largest vertically integrated power company, primarily involved in the business of generation, transmission, distribution of electricity, manufacturing solar roofs, developing EV charging stations, and many more.
Tata Power Limited has a total of 14,453 MW installed Capacity mix which consists of 8,860 MW of Thermal, 835 MW of Wind, 880 MW of Hydro, 443 MW of Waste Heat Recovery, and 3,022 MW of Solar, and 413 MW of Hybrid It currently has 3,760 MW of Renewable capacity under construction.
Its revenue from operations grew by 28.71 percent from Rs. 42,816 Crores in FY22 to Rs. 55,109 Crores in FY23, accompanied by increasing profits of Rs. 2.156 Crores to Rs. 3,810 Crores.
Written by: Bharath K.S
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