N Chandrasekaran allays Tata Power shareholders concerns on debt, rules out rights issue

MUMBAI: Tata Power chairman N Chandrasekaran has reassured shareholders, once again this year, that the company is working on reducing its debt burden and finding solutions to the Mundra power plant, the millstone around its neck.

Allaying shareholders’ concerns at the company’s 100th annual general meeting (AGM) in Mumbai on Tuesday, Chandrasekaran said that, “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 a closure on this.”