Bhubaneswar: Tata Power is looking to finalise its 10 GW wafer and ingot project, to be set up at an estimated cost of Rs 6,500 crore, by January next year, the company's CEO and MD Praveer Sinha said.

The company is in talks with various states and will decide on the location soon, he saidon the sidelines of a company event here.

Tata Power is looking to set up a 10 gigawatt wafer and ingot plant as part of its backward integration, Sinha had said in an earnings call earlier without sharing further details.

"In January, we would be making some announcement. Meanwhile, we continue to explore potential site for the project," Sinha said.

The company is exploring various locations in states like Odisha, Tamil Nadu, and Andhra Pradesh among others. "We are looking at the state policies and incentives before finalising the location," Sinha said.

He said Tata Power will make an investment of Rs 6,500 crore for the project.

Setting up a water and ingot project will make Tata Power a complete integrated player in solar manufacturing. The company manufactures modules and cells.

A solar panel is made of modules, which includes cell. Cell manufacturing needs ingots, which requires wafer. Tata Power Company Ltd, a leading integrated power company, owns a diversified portfolio of 15.9 GW which includes thermal, solar and wind.

The Tata Group entity is also looking to diversify into nuclear space. The company will explore setting up small modular reactor (SMR) projects of 20-50 megawatt capacity post-legal amendments required for the entry of private players into the nuclear space.