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Tata Power gains after solar unit expands manufacturing capacity

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Tata Power added 0.76% to Rs 105.45 after the company said its subsidiary Tata Power Solar has doubled its manufacturing capacity of cells and modules to 1,100 MW.

Tata Power Solar Systems, a wholly-owned subsidiary of Tata Power, announced a significant expansion of its manufacturing facility in Bengaluru, taking the total production capacity of cells and modules to 1,100 MW.

Tata Power Solar has seen an increase in demand for its products as well as the expected increase in demand due to supportive policy steps announced recently by the Government of India. The expansion comes amid the positive intent of the Government towards making India a manufacturing hub and lessen its dependency on other countries as far as import of solar cells and modules are concerned.

Commenting on the expansion, Dr. Praveer Sinha, CEO & MD, Tata Power said, "We are happy to expand our production capacity to meet the increased demand for our products. Our 31 years of strong experience in providing high quality solar products with continuous involvement in new technology has helped us to maintain leadership position in both solar manufacturing and EPC services."

Tata Power is India's largest integrated power company. It reported 22.4% rise in consolidated net profit to Rs 318.41 crore on 7.5% increase in net sales to Rs 7,597.91 crore in Q3 FY21 over Q3 FY20.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Wed, April 07 2021. 12:47 IST