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Motilal Oswal Report
We attended the analyst meet hosted by Tata Power Company Ltd. on August 19, 2020. Here are the key takeaways:
Tata Power highlighted its focus on addressing legacy issues with regard to: 1) deleveraging and 2) the self-sustenance of Mundra plant.
Over the past few months, the company's deleveraging process has been accelerated with the: 1) sale of Cennergi, 2) sale of shipping companies, and 3) preferential issue to Tata Sons.
The company plans to continue with its asset monetisation plans by exiting non-core assets and infrastructure investment trust for renewables. The company expects the InvIT transaction to be completed this year.
Tata Power plans to reduce net debt to Rs 250 billion by the end of FY21 and sustain it at these levels.
The company plans to simplify its holding structure and generate synergies from the merger of Coastal Gujarat Power Ltd., Tata Power Solar, and Af-Taab Investment Company Ltd. with Tata Power.
The process for the same requires the National Company Law Tribunal's approval (which could take four to 12 months).
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