Tata Power wins bid to acquire Bikaner-III Neemrana-II Transmission; stock hits 52-week high
At around 10:01 a.m., Tata Power stock was up 2.16 per cent, or Rs 5.95, on the BSE at Rs 281.7 apiece. The market capitalisation of the company at around the same hour stood at Rs 89,964.78 crore.
Tata Power shares scaled a 52-week high on bourses on Monday, December 4, rising over 2 per cent. The stock saw strong momentum after the company won the bid to acquire Bikaner-III Neemrana-II Transmission Limited. The scrip rose for the second session in a row, gaining over 4 per cent.
At around 10:01 a.m., one of India's largest integrated power companies' stock was up 2.16 per cent or Rs 5.95, on the BSE at Rs 281.7 apiece. The market capitalisation of the company at around the same hour stood at Rs 89,964.78 crore.
In a filing titled “Tata Power acquires Bikaner-Neemrana Transmission Project to Boost Renewable Energy Evacuation in India,” the Tata Group company informed that the company received the letter of intent (LOI) after emerging as a successful bidder in the Tariff-Based Competitive Bidding (TBCB) process, as per the guidelines issued by the Union Ministry of Power.
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It said that the transmission project, which will be developed on a build-own-operate-transfer (BOOT) basis, will enable the evacuation of 7.7 GW of renewable energy from the Bikaner Complex in Rajasthan. The project entails the establishment of a 340-kilometre transmission corridor from the Bikaner-III pooling station to the Neemrana II substation.
The company estimated the cost of the project at Rs 1,544 crore and is expected to be commissioned within 24 months from the date of transfer of the project SPV. Tata Power will maintain the transmission project for 35 years.
Further, as per the filing, upon successful commissioning, the project will become a vital link in the roadmap unveiled by the Ministry of Power in 2022 for integrating over 500 GW of renewable energy capacity into the national grid by 2030.
Tata Power share price: Past performance
Since January 2023, shares of Tata Power have gained over 33 per cent against the Nifty 50's rise of over 12 per cent.