Tata Power said that it is on track to monetise 2.7GW in Renewable Energy (RE) assets through a private InvIT.
The transfer of assets to the InvIT will allow us to churn capital and reduce net debt substantially, said Praveer Sinha, CEO & Managing Director, Tata Power. Further, Tata Power said that it is working on a long-term strategic plan focused on reducing debt to strengthen the balance sheet. “This plan involves divestment of non-core and certain overseas investments, along with the restructuring of some of our businesses to unlock value and simplify the structure of the company,” said Sinha. Recently, Tata Sons infused ₹2,600 crore through preferential allotment which has been used for reducing debt.