Tata Power shareholders okay re-appointment of N Chandrasekaran as director

Tata Power on Tuesday said its shareholders have approved the re-appointment of its Chairman Natarajan Chandrasekaran as director of the firm.

The shareholders approved the resolution to reappoint N Chandrasekaran as director in its annual general meeting (AGM) held on Tuesday, it said in a BSE filing.

Chandrasekaran was appointed as non-independent non-executive director of the firm on February 11, 2017.

Earlier in his speech at the AGM, Chandrasekaran said, "The company is on an ambitious path of sustainable growth. It would continue to evaluate various growth options in both renewables, transmission and distribution businesses."

From a growth perspective, Tata Power has a clear plan with focus on renewables and distribution businesses, he stated.

Within the renewables segment, the company continues to build both the renewables' utilities and consumer renewables businesses, he added.

As a utility scale generator of renewable energy, the company continues to grow its EPC (engineering procurement and construction) solar business.

It intends to add additional capacity to grow to 15 gigawatts size in the coming few years, he informed the shareholders.

The company currently has the highest ever EPC order book and is expanding solar cells and modules manufacturing capacity, Chandrasekaran added.

The company has also won over 1 GW renewables capacity projects during the year. In the consumer renewables business, Tata Power would focus on building scale in its rooftop solar, solar pumps, EV charging systems and home automation businesses, he said.

The company is witnessing strong growth in rooftop solar and solar pumps segments.

In the distribution segment, under a challenging operating environment, the company successfully completed the acquisition of three distribution licence areas in Odisha and one more in April this financial year.

"In the first year itself, strong progress has been made and the total number of consumers have increased to 12 million. The company now distributes power in Mumbai, Delhi, Ajmer and entire state of Odisha," he added.