Union Bank of India zooms on partnering with TPSSL to facilitate solar rooftop adoption in MSME sector

Union Bank Of India is currently trading at Rs. 67.85, up by 1.90 points or 2.88% from its previous closing of Rs. 65.95 on the BSE.

The scrip opened at Rs. 66.80 and has touched a high and low of Rs. 68.35 and Rs. 66.50 respectively. So far 818467 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 10 has touched a 52 week high of Rs. 69.20 on 11-Nov-2022 and a 52 week low of Rs. 33.55 on 12-May-2022.

Last one week high and low of the scrip stood at Rs. 69.20 and Rs. 62.00 respectively. The current market cap of the company is Rs. 46407.94 crore.

The promoters holding in the company stood at 83.49%, while Institutions and Non-Institutions held 8.48% and 8.02% respectively.

Union Bank of India (UBI) has tied up with Tata Power Solar Systems (TPSSL), a hundred percent subsidiary of Tata Power Renewable Energy (TPREL) to help MSME (Micro, Small and Medium Enterprises) sector switch to solar solutions. The objective of this collaboration is to improve access to green energy and save on the cost of electricity thus making MSMEs more profitable.

The association will be implemented under UBI’s solar scheme called ‘Union Solar’ which was launched on a pan-India level to relieve the MSME’s from the stress of higher power costs and grid exigencies. MSMEs can avail the dual services of Solar EPC by TPSSL, financed through term loan facility by Union Bank of India, wherein industries can avail up to Rs 8 crore of loan amount at best possible interest rates (exclusive for Tata Power customers) with nil or minimum collateral. The scheme also requires minimum down payment of only 15-20% of project cost thus making it very attractive for MSMEs.

Union Bank of India is one of the largest government-owned banks of India. The Bank offers products and services in three categories – Deposits, Loans and Advances, and Remittances & Collections.