Tata Steel is set to acquire a 26% stake in TP Vardhaman Surya (TPVSL), a wholly-owned subsidiary of Tata Power Renewable Energy. In addition, Tata Steel will enter into a long-term fixed-tariff agreement with TPVSL to secure 379 MW of captive renewable power.

This move is projected to result in a significant reduction of 50 million tons of carbon emissions over the course of the 25-year contract period. TPVSL, in turn, will be responsible for establishing a robust 966 MW solar-wind hybrid renewable power facility.

This marks a pivotal step in the company’s sustainability journey towards achieving net zero carbon emissions by 2045.