770% returns in 5 years! Tata Power shares in the spotlight today; here is why

The stock of the company, which is an electric utility and electricity generation company based in Mumbai and is a part of the Tata Group, will be in focus on Friday, as the company has applied to distribute electricity to various pockets of Maharashtra as part of its efforts to expand beyond the financial capital, officials said on Thursday.

The company has filed for a licence across key growth regions, including parts of Mumbai, Pune, Sambhaji Nagar and Nashik, they added.

It can be noted that through amendments made to the Electricity Act, private distribution companies are allowed to apply to serve various parts.

However, they were hesitant to apply due to the high investments required for setting up such infrastructure.

In 2022, Tata Power's rival Adani Group, with which it competes in Mumbai suburban areas, applied for select areas and expressed intent to invest up to ₹5,700 crore towards the initiative.

In the application submitted before the Maharashtra Electricity Regulatory Commission (MERC), seeking the grant of a distribution license to serve key regions across the state, the Tata Group company has evinced interest in serving areas like Chhatrapati Sambhaji Nagar, Badnapur, Jalna Taluka, Waluj MIDC, Nashik, Sinnar, Igatpuri, and Trimbak Talukas.

It is also keen to serve the Municipal Corporation of Greater Mumbai (MCGM), Thane Municipal Corporation (TMC), Navi Mumbai Municipal Corporation (NMMC), Panvel Municipal Corporation (PMC), and the entire corridor from PMC to Jawaharlal Nehru Port Authority (JNPA), the officials said.

Tata Power is also keen on serving the Pune region, including Pune City, Haveli, Maval, Mulshi, and Khed Talukas, they added.

A public notice inviting objections and suggestions from citizens has been published as per the mandatory procedure, they said, adding that this will be followed by a public hearing.

As per people in the know, Torrent Power and Adani have also undertaken similar efforts, and the MERC is expected to hold hearings for their applications on July 22.