Tata Power on December 3 said its subsidiary CGPL has repaid Rs 1,550 crore of bank loans. Coastal Gujarat Power Ltd (CGPL) repaid the amount on December 2, Tata Power said in a BSE filing.
"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 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," it added.
This action is in line with the company's objective of repaying debt in CGPL to reduce the periodic debt servicing obligations of CGPL and thus make its operations more self-sustainable, the filing said.
CGPL runs the Mundra ultra mega power project.
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