Market Update: Torrent Power signs MoU with Maharashtra Government, share surges over 7%
Torrent Power, a leading power distribution company, has signed a Memorandum of Understanding (MoU) with the Maharashtra Government to set up three pumped storage hydro projects in the state, totalling 5,700 MW. The projects will be located in Karjat, Maval, and Junnar and the company will invest around Rs. 27,000 crore in the project. The construction of these projects will generate employment opportunities for 13,500 people. The company aims to complete the project within the next five years.
Currently, Torrent Power’s shares are trading at around Rs. 654.22 on the National Stock Exchange (NSE), up by 6.86% or Rs. 41.80 from its previous close.
This move by Torrent Power is expected to boost the state’s power generation capacity and will contribute towards meeting its renewable energy targets. The company’s investment in the state is also expected to create new job opportunities and boost the local economy.
This development is in line with the government’s push towards renewable energy and its efforts to attract more investment in the sector. The MoU between Torrent Power and the Maharashtra Government is a step towards achieving the state’s goal of becoming a renewable energy hub in India.
In conclusion, Torrent Power’s decision to sign an MoU with the Maharashtra Government is a positive development for both the company and the state. The project is expected to create new job opportunities, boost the local economy and contribute towards achieving the state’s renewable energy targets.
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