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.

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

The ambitious 10-year plan aims to support Rajasthan's transformation into a power surplus state, providing 24/7 clean, affordable, and reliable power supply with investments in renewable energy projects and manufacturing,

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.

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 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.