Tata Power to rally Rs 3,000 cr from divestment
The company has an installed capacity of 12,742 MW
Tata Power hopes to raise about Rs 3,000 crore from divestment of non-core operations and restructuring the renewable energy business with an aim to cut debt by at around 40 percent in FY21.
The company has an installed capacity of 12,742 MW.
Tata Power aims to reduce the debt to the levels of Rs 25,000 crore by the end of FY21 from Rs 44,000 crore; it is an indicative target.
In April 2020, the company completed the sale of its 50 percent stake in South African wind power company Cennergi to joint venture partner Exxaro Resources for Rs 660 crore.
It is already in a pact to sell its stake in PT Arutmin Indonesia, and is now in talks to sell its stake in its asset in Zambia, BSSR coal mine in Indonesia and its shipping business. It looks to restructure its renewable energy business in 2020