"This (Mundra UMPP) project was bid for in 2006 when the concept of a formal Risk Management Committee was not introduced and all proposals were deliberated and approved by the board," Tata Power said in a BSE filing.
Moody's cited "material covenant breaches on bank debt" associated with Tata Power's Gujarat-based Mundra Ultra Mega Power Project.
Tata Power Company, one of the largest private power producers in India, declined more than 1 percent after the foreign research house Credit Suisse downgraded the stock to underperform.
Tata Power said it has synchronised another 800 MW unit at the Mundra ultra mega power project, taking the utility's overall generation capacity to 7,699 MW. The country's largest power producer is developing the 4,000 MW Mundra UMPP in Gujarat and has synchronised the fourth 800 MW unit at the plant.
Central Electricity Regulatory Commission today asked Coastal Gujarat Power and buyers of electricity from the 4,000 MW Mundra project to submit their response in a week's time on the tariff hike issue.
Standard & Poor's today lowered the credit rating outlook of Tata Power to 'negative', citing financial issues related to the company's 4,000 MW Mundra ultra mega power project.
In an exclusive interview to CNBC-TV18, managing director of Tata Power Anil Sardana says that a tariff revision for its Mundra ultra mega power project is not yet a lost cause.