India's Tata Power said on Monday that it will invest about 1.2 trillion rupees ($14.32 billion) in northern state Rajasthan over the next 10 years, with majority of the money in the renewable energy projects.

Amongst the areas for investment are renewable energy, nuclear, and transmission. Tata Power has inked a memorandum of understanding with the Government of Rajasthan for a 10-year investment plan worth $1.

The project aims to construct 10,000 MW of renewable energy capacity (6,000 MW solar and 4,000 MW hybrid) in Bikaner, Jaisalmer, and others.

India's Tata Power has shut a 500-megawatt (MW) thermal power unit at its Trombay plant in Mumbai due to a fire incident, the company said on Tuesday.

Following this announcement, Tata Power shares surged as much as 1.7% to reach an intraday high of ₹491.25 apiece on the BSE. At the time of reporting, Tata Power shares were trading 0.41% higher at ₹484.70, with a market capitalisation of ₹1,54,973.97 crore.

The MoU was signed during the Rising Rajasthan Investor Meet in New Delhi in the presence of Rajasthan Chief Minister Bhajan Lal Sharma and other state officials. The agreement will support Rajasthan’s goal of providing 24/7 clean and reliable power.

India's Tata Power said on Monday that it will invest about 1.2 trillion rupees ($14.32 billion) in northern state Rajasthan over the next 10 years, with majority of the money in the renewable energy projects.

The plan focuses on transforming Rajasthan into a power surplus state by ensuring clean, affordable, and reliable electricity supply.

Tata Power has signed a Memorandum of Understanding (MoU) with the Rajasthan Government for a 1-year plan totaling to Rs around Rs 1.2 lakh crore in power distribution, transmission, and renewables. Should you BUY?

The agreement was signed during the ongoing Rising Rajasthan Investor Meet in New Delhi and the proposed investment plan under it will be Rs 1.2 lakh crore.