THIS Tata Group company approves Rs 5666 crore investment for new project, set to build...

Tata Group continues to work efficiently days after the demise of Ratan Tata. The group, India's largest multi-national business conglomerate, has a presence in several sectors including automobiles, energy, FMCG and more. Now, one of the Tata companies has announced a new project. The board of Tata Power has approved Rs 5,666 crore investment for setting up a 1,000 MW pumped storage hydro project. The company aims to set up the project in Bhivpuri (Maharashtra) over 44 months, Tata Power said in an exchange filing.

On the mode of financing, the company said that 75 per cent will be debt and 25 per cent will be met through equity financing. The company's overall existing capacity stands at 15.2 GW. Tata Power has a market cap of Rs 1.37 lakh crore, as of October 30. The company posted a nearly 8 per cent rise in its consolidated net profit to Rs 1,093.08 crore for the September quarter, mainly on the back of higher revenues.

READ | Meet man who started with just Rs 5000, now runs Rs 68414 crore company, has net worth of Rs...

The company had reported a net profit of Rs 1,017.41 crore in the quarter ended September 30, a BSE filing showed. Its total income rose to Rs 16,210.80 crore in the quarter from Rs 16.029.54 crore a year ago. The company is led by Praveer Sinha, CEO and Managing Director.

(With inputs from PTI)