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Tata Power rises after subsidiary repays bank loans

Capital Market 

Tata Power gained 0.88% to Rs 68.55 after the power generation company said its wholly owned subsidiary Coastal Gujarat Power (CGPL) has repaid Rs 1,550 crore of bank loans on 2 December 2020.

With this repayment and the earlier repayment of Rs 2,600 crore of bank loans made in October 2020, the entire bank loans of CGPL aggregating to Rs 4,150 crore have been fully repaid. After this repayment, CGPL's long term debt comprises only Rs 3,790 crore of bonds and debentures.

Tata Power said that the repayment is in line with the company's stated objective of repaying debt to reduce the periodic debt servicing obligations of CGPL and thus make its operations more self-sustainable.

Tata Power is one of India's largest integrated power company and together with its subsidiaries & jointly controlled entities, it has an installed/ managed capacity of 12,772 MW.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Thu, December 03 2020. 15:00 IST