Tata Power Company announced that Coastal Gujarat Power (CGPL), a wholly owned subsidiary of the Company, has repaid Rs 1,500 crore of bank loans on 2 December 2020.
With this repayment and the earlier repayment of Rs 2,650 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 3,940 crore of bonds and debentures.
This action is in line with the company's stated objective of repaying debt in CGPL to reduce the periodic debt servicing obligations of CGPL and thus make its operations more self-sustainable.
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