The Chairman of Tata Power N Chandrasekaran reassured the shareholders, this year again, that the company is working on reducing its debt burden and is currently finding solutions to the Mundra Power Plant, the millstone around its neck.
On Tuesday, at the company’s 100th annual general meeting (AGM) in Mumbai, Chandrasekaran said, “We are working on a solution to the Mundra problem; it’s not that we are not trying hard to find a solution. We are in touch with all five states.
Unfortunately, when there is an election, the whole process stops and now we hope that the (general) elections are over, and before the state elections start, we need to try and get closure on this.”
Tata Power is India’s largest private sector integrated power company with a generation capacity of 10,957 MW. The total consolidated debt of the company on 31 March 2019, stood at Rs.48,506.04 crore against Rs.48589.32 crore in FY18.
Read EquityPandit’s Nifty Energy Outlook for the Week