Tata Power announced its partnership with SIDBI (Small Industries Development Bank of India) to offer an easy and affordable financing scheme for MSME clients in the rooftop segment. This scheme will empower MSMEs to adopt sustainable energy for their businesses and promote greener tomorrow, said India's largest integrated power company.
Tata Power and SIDBI will provide a financing solution without any collateral at an interest rate of less than 10 percent. This will be complemented with a sanction within seven days and disbursement in four days. The scheme is for MSME customers of Tata Power for both off-grid and on-grid connections.
Green energy has gained momentum in sectors like MSME, said Praveer Sinha, CEO and Managing Director of Tata Power. "We are pleased to partner with SIDBI for an innovative financing solution for our MSME customers," he said in a statement.
Tata Power is India's largest integrated power company and, together with its subsidiaries and jointly controlled entities, has an installed or managed capacity of 12,772 megawatts.
Reacting to the development, On Tuesday, Shares of Tata Power is trading @ Rs80.65 up by 1.77 percent, during the mid-noon session on the National Stock Exchange.
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