Tata Power’s plans to reduce debt by hiving off its renewables energy businesses into an infrastructure investment trust (InvIT) has missed the March-end deadline.
The company was planning to bring down its gross debt to below Rs 25,000 crore from Rs 49,000 crore with the InvIT structure.
The earlier deadline mentioned by Tata group chairman N Chandrasekaran was March 2021 but due to the Covid-19 disruption, the plan could not take off.
InvITs own, operate and manage operational infrastructure assets.
The cash flows from the businesses owned by the InvITs are distributed among the unitholders.
