About
Tata Power Company Ltd
Tata Power Company Limited is India's largest integrated private power company, with a significant international presence. The Company is present across the entire value chain of power business viz. Generation, Transmission, Distribution, Power Trading, Power Services, Coal Mines and Logistics, Solar PV manufacturing and associated Engineering, Procurement and Construction services (EPC), Consumer facing businesses such as solar rooftop, solar pumps, EV charging, home automation and microgrid.
The Company has presence in all the segments of power sector, viz. Fuel & Logistics, Generation (thermal, hydro, solar and wind), Transmission, Distribution and Trading. It has successful public-private partnerships in Generation, Transmission and Distribution in India namely 'Tata Power Delhi Distribution Limited' with Delhi Government for distribution in North Delhi, Powerlinks Transmission Ltd.' with Power Grid Corporation of India Ltd. for evacuation of Power from Tala hydro plant in Bhutan to Delhi and Maithon Power Ltd.' with Damodar Valley Corporation for a 1,725 MW Mega Power Project at Jharkhand.
Tata Power is one of the largest renewable energy players in India and has developed the country's first 4000 MW Ultra Mega Power Project at Mundra (Gujarat) based on super-critical technology. Tata Power has signed a Distribution Franchisee Agreement (DFA) with Ajmer Vidyut Vitran Nigam Limited (AVVNL) and formed a Special Purpose Vehicle (SPV) 'TP Ajmer Distribution Limited' (TPADL), to cater to the power requirements of customers in Ajmer.
Tata Power's international presence includes strategic investments in Indonesia through 30% stake in the leading coal company PT Kaltim Prima Coal (KPC) in Singapore through Trust Energy Resources to securitise coal supply and the shipping of coal for its thermal power generation operations; in South Africa through a joint venture called Cennergi' to develop projects in South Africa, Botswana and Namibia; in Australia through investments in clean coal technologies and in Bhutan through a hydro project in partnership with The Royal Government of Bhutan.
Tata Power Company Limited was incorporated in September 18, 1919. The Company commissioned its first hydro electric power generating station commissioned at Khopoli in the year 1915 with an installed capacity of 40 MW, which was subsequently upgraded to 72 MW. In the year 1922, they commissioned another hydro power station at Bhivpuri with an installed capacity of 40 MW, subsequently upgraded to 72 MW. In the year 1927, they set up Third Hydro power station of 90 MW capacity at Bhira, which was subsequently upgraded to 150 MW.
In the year 1956, the company set commissioned a major thermal power station of 62.5 MW capacity at Trombay, to meet the increasing demand of electricity. Also, they set commissioned two more thermal units of similar capacity i.e. 62.5 MW in the years 1957 and 1960 respectively. In the year 1965, they set up Fourth thermal unit of 150 MW capacity at Trombay.
In the year 1984, the company commissioned India's first 500 MW generating unit with multi-fuel burning capability at Trombay. In the year 1990, they set up Second 500 MW thermal unit at Trombay. In the year 1994, the company commissioned a gas-based 180 MW capacity combined cycle plant to provide quick-start capacity to Trombay Thermal Station and to ensure reliable and uninterrupted supply for essential services in Mumbai.
In the year 1996, the company commissioned the 150 MW Pumped Storage Unit at Bhira. Also, they set up 67.5 MW Thermal Power Plant at Jojobera (Jharkhand). In the year 2000, The Tata Hydro-Electric Co. Ltd., The Andhra Valley Power Supply Co. Ltd., and the Tata Power Co. Ltd., are amalgamated to become one entity- The Tata Power Company Limited. Also, they commissioned a unit of 120 MW at Jojobera.
In the year 2001, the company set up 81.3 MW diesel generator based plant at Belgaum, Karnataka. In the year 2003, the company entered into a joint venture with PowerGrid Corporation of India Ltd., to develop a 1200 Km long transmission line to bring electricity from Bhutan to Delhi. In the year 2004, the company incorporated a wholly owned subsidiary company, known as Tata Power Trading Co. Ltd. for the power trading business. In the year 2005, the company commissioned the unit 4 of 120 MW capacity at Jojobera.
In the year 2006-07, the company completed the acquisition of 30% equity in Indonesian Coal Mines, PT Kaltim Prima Coal (KPC), and PT Arutmin Indonesia, as well as trading companies from PT Bumi Resources. In the year 2008, the unit 1 of 2 x 45 MW Phase of Haldia Project is synchronised with the grid. Also, the company commissioned the expansion project of 250 MW (Unit # 8) at Trombay.
During the year 2009-10, the company successfully completed the overhaul of Unit 5 during which the Unit underwent major renovation and modernization. The company commissioned Unit 3 of 30 MW, resulting in increase in the installed capacity of the plant to 120 MW. These Units use hot coke oven gas from Hooghly Metcoke and Power Company Limited to produce steam for power generation. Also, the company commissioned an additional 42 MW of wind power capacity, taking the total capacity to 201 MW.
During the year 2010-11, the company commissioned an additional 6 MW of wind power capacity in Maharashtra, taking the total installed wind power capacity in Mumbai Operations to 106 MW. Also, the company acquired a 21 MW wind farm, taking the total installed capacity outside Mumbai operations to 122 MW.
In 2012, Tata Power commissioned a 25 MW solar plant at Mithapur in Gujarat. During the year under review, Tata Power commissioned 1050 MW Maithon power project. During the year under review, Tata Power acquired 26% stake in large mines at PT Baramulti Suksessarana Tbk (BSSR), Indonesia. In 2013, Tata Power implemented the first 4000 MW Ultra Mega Power Project of India at Mundra, Gujarat based on super critical technology.
In 2014, Tata Power exited from Indonesian coal mine PT Arutmin Indonesia. During the year under review, Tata Power acquired a 39.2 MW wind farm near Dwarka, Jamnagar in Gujarat. During the year under review, Tata Power commissioned 28.8 MW solar power project at Palaswadi in Maharashtra. During the year under review, the company completed the commissioning of 32 MW Wind farm project in Maharashtra. In 2015, Tata Power's Joint-Venture Maithon Power Limited (MPL) commenced flow of energy to Kerala on a Long Term Agreement basis.
In 2016, Tata Power's Joint-Venture commissioned 120 MW Itezhi Tezhi hydro power project in Zambia. During the year under review, Tata Power partnered with Toshiba and Cargill to design and develop India's first green, safe and compact natural ester-based pad mount substation.
On 12 June 2016, Tata Power Company (Tata Power) announced that its 100 percent subsidiary Tata Power Renewable Energy (TPREL) has signed share purchase agreement (SPA) with Welspun Energy (WEPL) to acquire its subsidiary Welspun Renewables Energy (WREPL). This represents the largest transaction in renewables space in India. WREPL has one of the largest operating solar portfolios in India spread across ten states. It has about 1,140 MW of renewable power projects comprising of about 990 MW solar power projects and about 150 MW of wind power projects. Out of 1,140 MW renewable portfolio, nearly 1,000 MW of capacity is operational and balance capacity is under advanced stages of implementation.
On 19 August 2016, Cennergi, Tata Power's 50:50 joint venture with Exxaro Resources in South Africa, announced the commencement of commercial operations for its 95 MW Tsitsikamma Community Wind Farm (TCWF) project. Cennergi was selected as the preferred bidder for two wind projects under the second window of the Renewable Energy Independent Power Producer Procurement Programme (REIPPPP) by the South African government. With the commissioning of the Tsitsikamma project, Cennergi's operational portfolio has increased to 229MW.
In 2017, Tata Power's 100 percent subsidiary Tata Power Renewable Energy commissioned 100 MW wind farm in Andhra Pradesh. During the year under review, Tata Power executed Distribution Franchisee Agreement (DFA) for electricity distribution in Ajmer City.
On 2 January 2018, Tata Power Renewable Energy Ltd. (TPREL), Tata Power's wholly-owned subsidiary, announced the commissioning of its 50 MW DCR solar plant at Pavagada Solar Park in Karnataka. The project was won by the company on 4 April 2016 under the National Solar Mission Phase-II Batch-II Tranche-I State Specific Bundling Scheme.
On 8 January 2018, Tata Power announced that it has set up additional electric vehicle charging stations at strategic locations thereby making Mumbai truly ready to usher in the Electric Vehicle wave. The latest Electric Vehicle charging stations by Tata Power have been set up at Palladium Mall Lower Parel, and Phoenix Marketcity, Kurla; and two more coming up at BKC and western express highway at Borivali.
On 26 March 2018, Tata Power announced that the company's Board has approved the sale of its shares in Tata Communications and Panatone Finvest to Tata Sons and its affiliates. Panatone Finvest holds 30.1% of Tata Communications. The move is a part of the company's plan to monetize its non-core assets and improve the balance sheet to set the stage for next phase of growth. The estimated realisation will be about Rs 2150 crore and is subject to shareholders' approval.
On 29 March 2018, Tata Power announced that its Board has approved the sale of its Defense business to Tata Advance Systems Limited, a wholly owned subsidiary of Tata Sons at an enterprise value of Rs 2230 crore (out of which Rs 1040 crore payable at the time of closing and Rs 1190 crore payable on achieving certain milestones), subject to Government & other approvals. This is as part of the company's plan to monetize its non-core assets and improve the balance sheet.
On 11 July 2018, Tata Power announced that its wholly owned subsidiary Tata Power Renewable Energy Limited (TPREL) has received a Letter of Award from Karnataka Renewable Energy Development Limited (KREDL) to develop 250 MW (50 MW x 5 Nos) of solar projects located in state's Tumkur district at Karnataka.
On 27 September 2018, Tata Power and Hindustan Petroleum Corporation Limited (HPCL), a Navratna Oil & Gas Public Sector Undertaking, announced the signing of a Memorandum of Understanding (MoU) for setting up commercial-scale charging stations for Electric Vehicles at the HPCL retail outlets and other locations across India. Tata Power and HPCL, through this new landmark MoU, have agreed to collaborate in planning, development and operation of charging infrastructure for electric vehicles (e-cars, e-rickshaws, e-bikes, e-buses, etc.), at suitable locations across India. Both entities also intend to additionally explore areas of opportunities & collaboration in related fields like Renewable Energy.
As on 31 March 2019, the Company had 50 subsidiaries (40 are wholly-owned subsidiaries), 38 Joint Ventures (JVs) and 6 Associates.
The company decided to sell Strategic Engineering Division(SED) to Tata Advanced Systems Limited, a wholly owned subsidiary of Tata Sons Private Limited at an enterprise value of Rs 2,230 crore.
As on 31 March 2019, the Tata Power group of companies had an operational generation capacity of 10,957 MW from various fuel sources - thermal (coal, gas and oil), hydroelectric, renewable energy (wind and solar PV) and waste heat recovery.
During the FY2020,TP Kirnali Limited was incorporated as wholly owned subsidiary of Tata Power Renewable Energy Ltd(TPREL) and TP Solapur Limited was incorporated as wholly owned subsidiary of TPREL.Also during the year, Gamma Land Holdings Limited, Beta Land Holdings Limited and Ginger Land Holdings Limited are three JVs which ceased to exist.
As on 31 March 2020, the Company had 54 subsidiaries (40 are wholly owned subsidiaries), 30 Joint Ventures (JVs) and 5 Associates.
As on 31st March 2020,the company has an installed capacity of 12,742 MW, out of which 3,883 MW is from 'Clean and Green sources' (Hydro, waste heat recovery, wind and solar) which constitute about 30% of the total portfolio.
Subsequent to approval accorded by the shareholders at the 101st Annual General Meeting of the Company on 30 July 2020, the Company issued and allotted 49,05,66,037 Equity Shares of the Company to its Promoter, Tata Sons Private Limited, at a price of Rs 53 (including a premium of Rs 52) per Equity Share, aggregating up to Rs 2,600 crore, for cash consideration, on a preferential basis.
During the FY2021, Company has filed the following schemes of merger with the Hon'ble National Company Law Tribunal (NCLT), Mumbai Bench,a. Scheme of Amalgamation of Af-Taab Investment Company Limited with the Company and Composite Scheme of Arrangement of Coastal Gujarat Power Limited and Tata Power Solar Systems Limited with the Company along with capital reorganisation after the merger.These schemes are pending approvals from Regulatory authorities including NCLT. However Given the changes in business environment, the Board of Directors in the meeting held on 1st July, 2021, have approved modification in the existing Composite Scheme. As per the proposed modification, the proposed merger of TPSSL with the Company and consequential changes or effect thereupon, shall be withdrawn from the Composite Scheme.
During the FY2021,the company has incorporated 5 new subsidiaries namely, TP Kirnali Solar Limited, TP Solapur Solar Limited,TP Saurya Limited, TP Akkalkot Renewable Limited and TP Roofurja Renewable Limited.
As on 31 March 2021, the Company had 59 subsidiaries (44 are wholly owned subsidiaries), 33 JVs and 5 Associates.
As on 31 March 2021, the Company had an installed capacity of 12,808 MW out of which 3,948 MW is from 'Clean and Green sources' (Hydro, waste heat recovery, wind and solar) which constitutes about 31% of the total portfolio.
During the quarter ended 30 June, 2021 , the Company has acquired 51 % stake in TP Northern Odisha Distribution Limited ('TPNODL') for Rs 191 crore. TPNODL is the licensee to carry out the distribution and retail supply of electricity covering the circles of Balasore, Bhadrak, Baripada, Jajpur and Keonjhar in the state of Odisha for a period of 25 years effective 1st April 2021.
During the quarter ended 30th September 2021, the Holding Company has sold its investment in Trust Energy Resources Pte. Limited (TERPL), a wholly owned subsidiary to Tata Power International Pte Limited, another wholly owned subsidiary for a consideration of Rs 2127 crore.
As on March 31, 2022, the Company has an installed capacity of 13,515 MW out of which 4,655 MW is from 'Clean and Green sources' (Hydro, waste heat recovery, wind and solar) which constitute about 34% of total portfolio.
During the year 2022, the Company has acquired NESCO Utility through TP Nothern Odisha Distribution Limited (TPNODL) in Odisha. It acquired NRSS XXXVI Transmission Limited through, Resurgent Power Ventures Pte. Limited. It has launched smart energy solutions through IoT based Home Automation solutions, smart energy management tools and various other home automation products to implement efficient and cost-effective solutions to manage electricity usage. It increased 684 MW Solar PV assets in operating portfolio for supply of power to Discoms and captive consumers and around 23 MW of rooftop projects. Its subsidiary, Tata Power Solar Systems Limited (TPSSL) has commissioned 1.5 GW of Utility scale projects.
The National Company Law Tribunal, Mumbai Bench, vide its Orders dated March 31, 2022 and March 15, 2022 approved the Composite Scheme of Arrangement between CGPL and the Company and their respective shareholders and Scheme of Amalgamation of Af-Taab Investment Company Limited (Af-Taab) with the Company. The Appointed Date of both the Schemes was April 1, 2020.
As on March 31, 2022, Company had 61 subsidiaries, of which 41 were wholly owned subsidiaries, 32 JVs and 5 Associates. Of the subsidiaries, 3 companies have been classified as JVs. During the year 2021-22, the Company has acquired 51% stake in TP Northern Odisha Distribution Limited. TP Solapur Saurya Limited has been incorporated as a subsidiary of the Company. Coastal Gujarat Power Limited and Af-Taab Investment Company Limited merged with the Company. Tatanet Services Limited merged with its subsidiary, Tatanet Services Limited. TCL Ceramics Limited and Koromkheti Georgia LLC have ceased to be subsidiaries of the Company.
Tata Power Company Ltd
Company History
Tata Power Company Limited is India's largest integrated private power company, with a significant international presence. The Company is present across the entire value chain of power business viz. Generation, Transmission, Distribution, Power Trading, Power Services, Coal Mines and Logistics, Solar PV manufacturing and associated Engineering, Procurement and Construction services (EPC), Consumer facing businesses such as solar rooftop, solar pumps, EV charging, home automation and microgrid.
The Company has presence in all the segments of power sector, viz. Fuel & Logistics, Generation (thermal, hydro, solar and wind), Transmission, Distribution and Trading. It has successful public-private partnerships in Generation, Transmission and Distribution in India namely 'Tata Power Delhi Distribution Limited' with Delhi Government for distribution in North Delhi, Powerlinks Transmission Ltd.' with Power Grid Corporation of India Ltd. for evacuation of Power from Tala hydro plant in Bhutan to Delhi and Maithon Power Ltd.' with Damodar Valley Corporation for a 1,725 MW Mega Power Project at Jharkhand.
Tata Power is one of the largest renewable energy players in India and has developed the country's first 4000 MW Ultra Mega Power Project at Mundra (Gujarat) based on super-critical technology. Tata Power has signed a Distribution Franchisee Agreement (DFA) with Ajmer Vidyut Vitran Nigam Limited (AVVNL) and formed a Special Purpose Vehicle (SPV) 'TP Ajmer Distribution Limited' (TPADL), to cater to the power requirements of customers in Ajmer.
Tata Power's international presence includes strategic investments in Indonesia through 30% stake in the leading coal company PT Kaltim Prima Coal (KPC) in Singapore through Trust Energy Resources to securitise coal supply and the shipping of coal for its thermal power generation operations; in South Africa through a joint venture called Cennergi' to develop projects in South Africa, Botswana and Namibia; in Australia through investments in clean coal technologies and in Bhutan through a hydro project in partnership with The Royal Government of Bhutan.
Tata Power Company Limited was incorporated in September 18, 1919. The Company commissioned its first hydro electric power generating station commissioned at Khopoli in the year 1915 with an installed capacity of 40 MW, which was subsequently upgraded to 72 MW. In the year 1922, they commissioned another hydro power station at Bhivpuri with an installed capacity of 40 MW, subsequently upgraded to 72 MW. In the year 1927, they set up Third Hydro power station of 90 MW capacity at Bhira, which was subsequently upgraded to 150 MW.
In the year 1956, the company set commissioned a major thermal power station of 62.5 MW capacity at Trombay, to meet the increasing demand of electricity. Also, they set commissioned two more thermal units of similar capacity i.e. 62.5 MW in the years 1957 and 1960 respectively. In the year 1965, they set up Fourth thermal unit of 150 MW capacity at Trombay.
In the year 1984, the company commissioned India's first 500 MW generating unit with multi-fuel burning capability at Trombay. In the year 1990, they set up Second 500 MW thermal unit at Trombay. In the year 1994, the company commissioned a gas-based 180 MW capacity combined cycle plant to provide quick-start capacity to Trombay Thermal Station and to ensure reliable and uninterrupted supply for essential services in Mumbai.
In the year 1996, the company commissioned the 150 MW Pumped Storage Unit at Bhira. Also, they set up 67.5 MW Thermal Power Plant at Jojobera (Jharkhand). In the year 2000, The Tata Hydro-Electric Co. Ltd., The Andhra Valley Power Supply Co. Ltd., and the Tata Power Co. Ltd., are amalgamated to become one entity- The Tata Power Company Limited. Also, they commissioned a unit of 120 MW at Jojobera.
In the year 2001, the company set up 81.3 MW diesel generator based plant at Belgaum, Karnataka. In the year 2003, the company entered into a joint venture with PowerGrid Corporation of India Ltd., to develop a 1200 Km long transmission line to bring electricity from Bhutan to Delhi. In the year 2004, the company incorporated a wholly owned subsidiary company, known as Tata Power Trading Co. Ltd. for the power trading business. In the year 2005, the company commissioned the unit 4 of 120 MW capacity at Jojobera.
In the year 2006-07, the company completed the acquisition of 30% equity in Indonesian Coal Mines, PT Kaltim Prima Coal (KPC), and PT Arutmin Indonesia, as well as trading companies from PT Bumi Resources. In the year 2008, the unit 1 of 2 x 45 MW Phase of Haldia Project is synchronised with the grid. Also, the company commissioned the expansion project of 250 MW (Unit # 8) at Trombay.
During the year 2009-10, the company successfully completed the overhaul of Unit 5 during which the Unit underwent major renovation and modernization. The company commissioned Unit 3 of 30 MW, resulting in increase in the installed capacity of the plant to 120 MW. These Units use hot coke oven gas from Hooghly Metcoke and Power Company Limited to produce steam for power generation. Also, the company commissioned an additional 42 MW of wind power capacity, taking the total capacity to 201 MW.
During the year 2010-11, the company commissioned an additional 6 MW of wind power capacity in Maharashtra, taking the total installed wind power capacity in Mumbai Operations to 106 MW. Also, the company acquired a 21 MW wind farm, taking the total installed capacity outside Mumbai operations to 122 MW.
In 2012, Tata Power commissioned a 25 MW solar plant at Mithapur in Gujarat. During the year under review, Tata Power commissioned 1050 MW Maithon power project. During the year under review, Tata Power acquired 26% stake in large mines at PT Baramulti Suksessarana Tbk (BSSR), Indonesia. In 2013, Tata Power implemented the first 4000 MW Ultra Mega Power Project of India at Mundra, Gujarat based on super critical technology.
In 2014, Tata Power exited from Indonesian coal mine PT Arutmin Indonesia. During the year under review, Tata Power acquired a 39.2 MW wind farm near Dwarka, Jamnagar in Gujarat. During the year under review, Tata Power commissioned 28.8 MW solar power project at Palaswadi in Maharashtra. During the year under review, the company completed the commissioning of 32 MW Wind farm project in Maharashtra. In 2015, Tata Power's Joint-Venture Maithon Power Limited (MPL) commenced flow of energy to Kerala on a Long Term Agreement basis.
In 2016, Tata Power's Joint-Venture commissioned 120 MW Itezhi Tezhi hydro power project in Zambia. During the year under review, Tata Power partnered with Toshiba and Cargill to design and develop India's first green, safe and compact natural ester-based pad mount substation.
On 12 June 2016, Tata Power Company (Tata Power) announced that its 100 percent subsidiary Tata Power Renewable Energy (TPREL) has signed share purchase agreement (SPA) with Welspun Energy (WEPL) to acquire its subsidiary Welspun Renewables Energy (WREPL). This represents the largest transaction in renewables space in India. WREPL has one of the largest operating solar portfolios in India spread across ten states. It has about 1,140 MW of renewable power projects comprising of about 990 MW solar power projects and about 150 MW of wind power projects. Out of 1,140 MW renewable portfolio, nearly 1,000 MW of capacity is operational and balance capacity is under advanced stages of implementation.
On 19 August 2016, Cennergi, Tata Power's 50:50 joint venture with Exxaro Resources in South Africa, announced the commencement of commercial operations for its 95 MW Tsitsikamma Community Wind Farm (TCWF) project. Cennergi was selected as the preferred bidder for two wind projects under the second window of the Renewable Energy Independent Power Producer Procurement Programme (REIPPPP) by the South African government. With the commissioning of the Tsitsikamma project, Cennergi's operational portfolio has increased to 229MW.
In 2017, Tata Power's 100 percent subsidiary Tata Power Renewable Energy commissioned 100 MW wind farm in Andhra Pradesh. During the year under review, Tata Power executed Distribution Franchisee Agreement (DFA) for electricity distribution in Ajmer City.
On 2 January 2018, Tata Power Renewable Energy Ltd. (TPREL), Tata Power's wholly-owned subsidiary, announced the commissioning of its 50 MW DCR solar plant at Pavagada Solar Park in Karnataka. The project was won by the company on 4 April 2016 under the National Solar Mission Phase-II Batch-II Tranche-I State Specific Bundling Scheme.
On 8 January 2018, Tata Power announced that it has set up additional electric vehicle charging stations at strategic locations thereby making Mumbai truly ready to usher in the Electric Vehicle wave. The latest Electric Vehicle charging stations by Tata Power have been set up at Palladium Mall Lower Parel, and Phoenix Marketcity, Kurla; and two more coming up at BKC and western express highway at Borivali.
On 26 March 2018, Tata Power announced that the company's Board has approved the sale of its shares in Tata Communications and Panatone Finvest to Tata Sons and its affiliates. Panatone Finvest holds 30.1% of Tata Communications. The move is a part of the company's plan to monetize its non-core assets and improve the balance sheet to set the stage for next phase of growth. The estimated realisation will be about Rs 2150 crore and is subject to shareholders' approval.
On 29 March 2018, Tata Power announced that its Board has approved the sale of its Defense business to Tata Advance Systems Limited, a wholly owned subsidiary of Tata Sons at an enterprise value of Rs 2230 crore (out of which Rs 1040 crore payable at the time of closing and Rs 1190 crore payable on achieving certain milestones), subject to Government & other approvals. This is as part of the company's plan to monetize its non-core assets and improve the balance sheet.
On 11 July 2018, Tata Power announced that its wholly owned subsidiary Tata Power Renewable Energy Limited (TPREL) has received a Letter of Award from Karnataka Renewable Energy Development Limited (KREDL) to develop 250 MW (50 MW x 5 Nos) of solar projects located in state's Tumkur district at Karnataka.
On 27 September 2018, Tata Power and Hindustan Petroleum Corporation Limited (HPCL), a Navratna Oil & Gas Public Sector Undertaking, announced the signing of a Memorandum of Understanding (MoU) for setting up commercial-scale charging stations for Electric Vehicles at the HPCL retail outlets and other locations across India. Tata Power and HPCL, through this new landmark MoU, have agreed to collaborate in planning, development and operation of charging infrastructure for electric vehicles (e-cars, e-rickshaws, e-bikes, e-buses, etc.), at suitable locations across India. Both entities also intend to additionally explore areas of opportunities & collaboration in related fields like Renewable Energy.
As on 31 March 2019, the Company had 50 subsidiaries (40 are wholly-owned subsidiaries), 38 Joint Ventures (JVs) and 6 Associates.
The company decided to sell Strategic Engineering Division(SED) to Tata Advanced Systems Limited, a wholly owned subsidiary of Tata Sons Private Limited at an enterprise value of Rs 2,230 crore.
As on 31 March 2019, the Tata Power group of companies had an operational generation capacity of 10,957 MW from various fuel sources - thermal (coal, gas and oil), hydroelectric, renewable energy (wind and solar PV) and waste heat recovery.
During the FY2020,TP Kirnali Limited was incorporated as wholly owned subsidiary of Tata Power Renewable Energy Ltd(TPREL) and TP Solapur Limited was incorporated as wholly owned subsidiary of TPREL.Also during the year, Gamma Land Holdings Limited, Beta Land Holdings Limited and Ginger Land Holdings Limited are three JVs which ceased to exist.
As on 31 March 2020, the Company had 54 subsidiaries (40 are wholly owned subsidiaries), 30 Joint Ventures (JVs) and 5 Associates.
As on 31st March 2020,the company has an installed capacity of 12,742 MW, out of which 3,883 MW is from 'Clean and Green sources' (Hydro, waste heat recovery, wind and solar) which constitute about 30% of the total portfolio.
Subsequent to approval accorded by the shareholders at the 101st Annual General Meeting of the Company on 30 July 2020, the Company issued and allotted 49,05,66,037 Equity Shares of the Company to its Promoter, Tata Sons Private Limited, at a price of Rs 53 (including a premium of Rs 52) per Equity Share, aggregating up to Rs 2,600 crore, for cash consideration, on a preferential basis.
During the FY2021, Company has filed the following schemes of merger with the Hon'ble National Company Law Tribunal (NCLT), Mumbai Bench,a. Scheme of Amalgamation of Af-Taab Investment Company Limited with the Company and Composite Scheme of Arrangement of Coastal Gujarat Power Limited and Tata Power Solar Systems Limited with the Company along with capital reorganisation after the merger.These schemes are pending approvals from Regulatory authorities including NCLT. However Given the changes in business environment, the Board of Directors in the meeting held on 1st July, 2021, have approved modification in the existing Composite Scheme. As per the proposed modification, the proposed merger of TPSSL with the Company and consequential changes or effect thereupon, shall be withdrawn from the Composite Scheme.
During the FY2021,the company has incorporated 5 new subsidiaries namely, TP Kirnali Solar Limited, TP Solapur Solar Limited,TP Saurya Limited, TP Akkalkot Renewable Limited and TP Roofurja Renewable Limited.
As on 31 March 2021, the Company had 59 subsidiaries (44 are wholly owned subsidiaries), 33 JVs and 5 Associates.
As on 31 March 2021, the Company had an installed capacity of 12,808 MW out of which 3,948 MW is from 'Clean and Green sources' (Hydro, waste heat recovery, wind and solar) which constitutes about 31% of the total portfolio.
During the quarter ended 30 June, 2021 , the Company has acquired 51 % stake in TP Northern Odisha Distribution Limited ('TPNODL') for Rs 191 crore. TPNODL is the licensee to carry out the distribution and retail supply of electricity covering the circles of Balasore, Bhadrak, Baripada, Jajpur and Keonjhar in the state of Odisha for a period of 25 years effective 1st April 2021.
During the quarter ended 30th September 2021, the Holding Company has sold its investment in Trust Energy Resources Pte. Limited (TERPL), a wholly owned subsidiary to Tata Power International Pte Limited, another wholly owned subsidiary for a consideration of Rs 2127 crore.
As on March 31, 2022, the Company has an installed capacity of 13,515 MW out of which 4,655 MW is from 'Clean and Green sources' (Hydro, waste heat recovery, wind and solar) which constitute about 34% of total portfolio.
During the year 2022, the Company has acquired NESCO Utility through TP Nothern Odisha Distribution Limited (TPNODL) in Odisha. It acquired NRSS XXXVI Transmission Limited through, Resurgent Power Ventures Pte. Limited. It has launched smart energy solutions through IoT based Home Automation solutions, smart energy management tools and various other home automation products to implement efficient and cost-effective solutions to manage electricity usage. It increased 684 MW Solar PV assets in operating portfolio for supply of power to Discoms and captive consumers and around 23 MW of rooftop projects. Its subsidiary, Tata Power Solar Systems Limited (TPSSL) has commissioned 1.5 GW of Utility scale projects.
The National Company Law Tribunal, Mumbai Bench, vide its Orders dated March 31, 2022 and March 15, 2022 approved the Composite Scheme of Arrangement between CGPL and the Company and their respective shareholders and Scheme of Amalgamation of Af-Taab Investment Company Limited (Af-Taab) with the Company. The Appointed Date of both the Schemes was April 1, 2020.
As on March 31, 2022, Company had 61 subsidiaries, of which 41 were wholly owned subsidiaries, 32 JVs and 5 Associates. Of the subsidiaries, 3 companies have been classified as JVs. During the year 2021-22, the Company has acquired 51% stake in TP Northern Odisha Distribution Limited. TP Solapur Saurya Limited has been incorporated as a subsidiary of the Company. Coastal Gujarat Power Limited and Af-Taab Investment Company Limited merged with the Company. Tatanet Services Limited merged with its subsidiary, Tatanet Services Limited. TCL Ceramics Limited and Koromkheti Georgia LLC have ceased to be subsidiaries of the Company.
Tata Power Company Ltd
Directors Reports
To the Members,
The Directors are pleased to present to you the third integrated report
(prepared as per the framework set forth by the International Integrated Reporting Council
and in accordance with Global Reporting Initiatives (GRI) Standards 2021) and One Hundred
and Third Annual Report on the business and operations of your Company along with the
audited Financial Statements for the financial year ended March 31, 2022.
1. Financial Results
|
|
|
|
( Rs.in crore) |
| Sl. No. Particulars |
Standalone |
|
Consolidated |
|
|
FY22 |
FY21 # |
FY22 |
FY21$ |
| (a) Revenue from Operations* |
11,242 |
13,469 |
42,576 |
33,239 |
| (b) Less: Operating Expenditure |
9,560 |
10,447 |
35,305 |
25,700 |
| (c) Operating Profit |
1,682 |
3,022 |
7,271 |
7,539 |
| (d) Add: Other Income |
2,987 |
1,260 |
920 |
439 |
| (e) Earning before Interest, Tax, Depreciation &
Amortisation |
4,669 |
4,282 |
8,191 |
7,978 |
| (f ) Less: Finance Cost |
2,189 |
2,497 |
3,859 |
4,010 |
| (g) Profit before Depreciation and Tax |
2,480 |
1,785 |
4,332 |
3,968 |
| (h) Less: Depreciation & Amortisation |
1,134 |
1,235 |
3,122 |
2,745 |
| (i) Profit Before Share of Profit of Associates and Joint
Ventures |
1,346 |
550 |
1,210 |
1,223 |
| (j) Add: Share of Profit of Associates and Joint Ventures |
Nil |
Nil |
1,943 |
873 |
| (k) Pofit/(Loss) before Exceptional Item |
1,346 |
550 |
3,153 |
2,096 |
| (l) (Less)/Add: Exceptional Item |
1,412 |
(109) |
(150) |
(109) |
| (m) Profit/(Loss) before Tax |
2,758 |
441 |
3,003 |
1,987 |
| (n) (Less)/Add: Tax Expenses or credit |
493 |
(101) |
(379) |
(502) |
| (o) Net Profit after Tax from Continuing Operations |
3,251 |
340 |
2,624 |
1,485 |
| (p) Net Profit/(Loss) after Tax from Discontinued Operations |
(468) |
(220) |
(468) |
(220) |
| (q) (Less)/Add: Tax Expenses or Credit from Discontinued
Operations |
Nil |
174 |
Nil |
174 |
| (r) Net Profit/(Loss) after Tax from Discontinued
Operations |
(468) |
(46) |
(468) |
(46) |
| (s) Net Profit for the year |
2,783 |
294 |
2,156 |
1,439 |
| (t) Net Profit for the year Attributable to - |
|
|
|
|
| - Owners of the Company |
2,783 |
294 |
1,742 |
1,128 |
| - Non-controlling interests |
Nil |
Nil |
414 |
311 |
| (u) Other Comprehensive income (Net of Tax) |
314 |
243 |
473 |
(380) |
| (v) Total Comprehensive Income Attributable to - |
3,097 |
537 |
2,629 |
1,059 |
| - Owners of the Company |
3,097 |
537 |
2,215 |
747 |
| - Non-controlling interests |
Nil |
Nil |
414 |
312 |
*Including regulatory income/ (expense)
# Restated due to CGPL and Af-Taab merger (refer page no. 325 of the Standalone
Financial Statement)
$ Restated due to completion of acquisition accounting of Odisha Discoms (refer page
nos. 464 and 465 of the Consolidated Financial Statement)
2. FINANCIAL PERFORMANCE AND THE STATE OF THE COMPANY'S AFFAIRS
2.1 CONSOLIDATED
The Operating Revenue stood at Rs. 42,576 crore in FY22 compared to Rs.
33,239 crore in FY21 on a consolidated basis. The increase was mainly due to acquisition
of Odisha Discoms, RE capacity addition and execution of major solar EPC projects. EBITDA
was at Rs. 8,191 crore in FY22 compared to Rs. 7,978 crore in FY21 mainly due to
favourable regulatory orders and capacity addition in RE generating companies, improved
performance and full year impact of Odisha Discoms offset by lower generation in
Mundra [erstwhile Coastal Gujarat Power Limited (CGPL)]. Finance costs decreased from Rs.
4,010 crore to Rs. 3,859 crore mainly due to full year impact of repayment of loans in
Mundra (erstwhile CGPL). The Profits from Joint Ventures (JVs) and Associates were higher
mainly due to higher profits from Indonesian coal mines due to higher coal prices which
was partly offset by higher loss in Tata Projects Limited (Tata Projects). The
Consolidated Profit after tax in FY22 was at Rs. 2,156 crore compared to Rs. 1,439 crore
in FY21 mainly due to improved performance and full year impact of Odisha Discoms,
favourable regulatory orders in RE generating companies, lower finance cost offset by
higher loss in Tata Projects.
2.2 STANDALONE
The Operating Revenue stood at Rs. 11,242 crore in FY22 compared to Rs.
13,469 crore in FY21 on a standalone basis.
The decrease was mainly due to lower generation on account of partial
shutdown in Mundra. The Profit after tax in FY22 was Rs. 2,783 crore as compared to Rs.
294 crore in FY21. The increase in the profit was mainly due to higher dividend from
foreign subsidiaries, creation of deferred tax assets on merger, gain on sale of shares in
Trust Energy Resources Pte. Limited to Tata Power International Pte. Limited partly offset
by impairment loss in Strategic Engineering Division.
Refer Section 4 of Management Discussion and Analysis (MD&A) for
more details.
No material changes and commitments have occurred after the close of
the year under review till the date of this Report which affect the financial position of
the Company.
2.3 ANNUAL PERFORMANCE
Details of your Company's annual financial performance as
published on the Company's website and presented during the Analyst Meet, after
declaration of annual results, can be accessed using the following link:
https://www.tatapower. com/investor-relations/investor-downloads.aspx.
2.4 INTEGRATED REPORT
Continuing with our commitment towards a sustainable future and focus
on governance-based reporting, your Company has progressed to publish third Integrated
Report highlighting the Company's efforts to empower all categories of customers and
stakeholders with future-ready, smart energy solutions.
3. IMPROVEMENT IN LEVERAGE RATIOS AND CASH FROM OPERATIONS
Your Company's Net Debt / Underlying EBIDTA ratio has shown
improvement from 4.1 to 3.9 from FY21 to FY22 on a consolidated level reinforcing the
Company's commitment to maintain comfortable debt position for sustainable growth.
Net Debt / Equity on a consolidated level has remained largely in line with the previous
year even after repayment of Unsecured Perpetual Securities of Rs. 1,500 crore and capex
of Rs. 7,268 crore. A brief discussion on the highlights of financial performance of your
Company and financial and return ratios is presented in the Investors section of
Integrated Report (Pages 46-51).
4. MANAGEMENT DISCUSSION AND ANALYSIS
The Management Discussion and Analysis, as required in terms of the
Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements)
Regulations, 2015 (Listing Regulations), is annexed to this Report.
5. DIVIDEND
Based on the Company's performance, the Directors of your Company
recommend a dividend of Rs. 1.75 per share of Rs. 1 each, subject to the approval of the
Members.
Pursuant to the Finance Act, 2020, dividend income is taxable in the
hands of the Members w.e.f. April 1, 2020 and the Company is required to deduct tax at
source (TDS) from dividend paid to the Members at prescribed rates as per the Income-tax
Act, 1961.
The Register of Members and Share Transfer Books of the Company will
remain closed from Friday, June 17, 2022 to Thursday, July 7, 2022 (both days inclusive)
for the purpose of payment of dividend for the financial year ended March 31, 2022.
According to Regulation 43A of the Listing Regulations, the top 1000
listed entities based on market capitalization, calculated as on 31st March of every
financial year are required to formulate a Dividend Distribution Policy which shall be
disclosed on the website of the listed entity and a weblink shall also be provided in
their Annual Reports. Accordingly, the Dividend Distribution Policy of the Company can be
accessed using the following link: https://
www.tatapower.com/pdf/aboutus/dividend-policy.pdf.
6. CURRENT BUSINESS
Your Company is present across the entire value chain of power business
viz. Generation, Transmission, Distribution, Power Trading, Power Services, Coal Mines and
Logistics, Solar PV manufacturing and associated Engineering, Procurement and Construction
services (EPC), Consumer facing businesses such as solar rooftop, solar pumps, EV
charging, home automation and microgrid. Leading position in many of these segments places
your Company as one of India's largest integrated power companies.
There has been no change in the nature of business of the Company
during the year.
As on March 31, 2022, your Company has an installed capacity of 13,515
MW out of which 4,655 MW is from "Clean and Green sources" (Hydro, waste heat
recovery, wind and solar) which constitute about 34% of total portfolio.
Moving away from conventional coal-based power plants with a commitment
to reduce carbon footprint and dependency on fossil fuel-based resources like coal and
gas, your Company has decided to focus on renewable generation, venturing into
consumer-facing businesses like solar rooftop, solar pumps, EV charging, home automation
as well as tapping into opportunities to widen its distribution network and broaden its
customer base. During the year, your Company has acquired NESCO Utility through TP Nothern
Odisha Distribution Limited (TPNODL) in Odisha through competitive bidding which will
cater to around 2 million consumers and is pursuing similar growth opportunity in
distribution and transmission. Your Company, through Resurgent Power Ventures Pte. Limited
(Resurgent Platform), has acquired NRSS XXXVI Transmission Limited. Your Company has
installed 191 microgrid projects till March 31, 2022 in line with its commitment to
provide rural population affordable, clean and reliable power.
Furthermore, your Company has launched smart energy solutions with the
idea of "power of smart" through IoT based Home Automation solutions, smart
energy management tools and various other home automation products encouraging customers
to implement efficient and cost-eRs.ective home automation solutions to manage electricity
usage.
Focussing on achieving growth in an environmentally responsible and
sustainable manner, your Company has added684MWSolarPVassetsinoperatingportfolioforsupply
of power to Discoms and captive consumers and around 23 MW of rooftop projects.
Your Company's subsidiary, Tata Power Solar Systems Limited (TPSSL) has commissioned
1.5 GW of Utility scale projects and has an order book of around 3 GW amounting to Rs.
12,000 crore as on March 31, 2022.
In the solar products domain, your Company is a leading player, with a
portfolio of over 65,000 solar agricultural pumps in 16 states. During the year, your
Company has refinanced Rs. 1,500 crore of unsecured perpetual securities with long term
debt carrying lower interest rate.
The National Company Law Tribunal, Mumbai Bench, vide its Orders dated
March 31, 2022 and March 15, 2022 approved the Composite Scheme of Arrangement between
between CGPL and the Company and their respective shareholders and the Scheme of
Amalgamation of Af-Taab Investment Company Limited (Af-Taab) with the Company, under
Sections 230 to 232 of the Act, respectively. The Appointed Date of both the Schemes was
April 1, 2020.
Your Company's business portfolio has been discussed in detail in
the Strategy for cluster section of Integrated Report (Pages 32-35).
7. RESERVES
As per Standalone financials, the net movement in the reserves of the
Company for FY22 and FY21 is as follows:
|
|
(Rs.in crore) |
| Particulars |
As of March 31, 2022 |
As of March 31, 2021# |
| Capital Redemption Reserve |
5 |
5 |
| Capital Reserve |
66 |
66 |
| Securities Premium |
3,108 |
3,108 |
| Special Reserve |
Nil |
126 |
| Debenture Redemption |
297 |
297 |
| Reserve |
|
|
| General Reserve |
Nil |
Nil |
| Retained Earnings |
5,896 |
3,575 |
| Equity Instruments through |
529 |
222 |
| OCI |
|
|
| Statutory Reserve |
660 |
660 |
# Restated due to CGPL and Af-Taab merger
The Board of Directors has decided to retain the entire amount of
profits for FY22 in P&L account.
8. SUBSIDIARIES/JOINT VENTURES/ASSOCIATES
As on March 31, 2022, your Company had 61 subsidiaries (41 were wholly
owned subsidiaries), 32 JVs and 5 Associates. Of the subsidiaries, 3 companies have been
classified as JVs under Indian Accounting Standards (Ind AS). During the year under
review, the following changes occurred in your Company's holding structure:
a) The Company has acquired 51% stake in the following Odisha Discom:
i) TP Northern Odisha Distribution Limited
b) The following company has been incorporated as a subsidiary of the Company:
i) TP Solapur Saurya Limited
c) The following companies have merged with the Company:
i) Coastal Gujarat Power Limited
ii) Af-Taab Investment Company Limited
d) The following company has been merged with Nelco Limited (subsidiary):
i) Tatanet Services Limited
e) The following companies have ceased to be a subsidiary / JV of the Company:
i) TCL Ceramics Limited
ii) Koromkheti Georgia LLC
A report on the performance and financial position of each of the
subsidiaries, JVs and Associates has been provided in Form AOC-1 as per Section 129(2) of
the Companies Act, 2013 (the Act).
Further, pursuant to the provisions of Section 136 of the Act, the
audited financial statements including consolidated financial statements along with
relevant documents of the Company and audited financial statements of the subsidiaries are
available on the website of the Company
https://www.tatapower.com/investor-relations/annual-reports-subsidiaries.aspx. The policy
for determining material subsidiaries of the Company has been provided in the following
link: https://
www.tatapower.com/pdf/aboutus/policy-for-determining-material-subsidiaries.pdf.
9. DIRECTORS' RESPONSIBILITY STATEMENT
Based on the framework of internal financial controls (IFCs) and
compliance systems established and maintained by the Company, the work performed by the
internal, statutory and secretarial auditors and external consultants, including the audit
of IFCs over financial reporting by the Statutory Auditors and the reviews performed by
management and the relevant Board Committees, including the Audit Committee of Directors,
the Board is of the opinion that the Company's IFCs were adequate and effective
during FY22. Pursuant to Section 134(5) of the Act, the Board of Directors, to the best of
its knowledge and ability, confirm that:
i. in the preparation of the annual accounts, the applicable accounting standards have
been followed and there are no material departures.
ii. they have selected such accounting policies and applied them consistently and made
judgements and estimates that are reasonable and prudent so as to give a true and fair
view of the state of affairs of the Company at the end of the financial year and of the
profit of the Company for that period;
iii. they have taken proper and sufficient care for the maintenance of adequate
accounting records in accordance with the provisions of the Act for safeguarding the
assets of the Company and for preventing and detecting fraud and other irregularities;
iv. they have prepared the annual accounts on a going concern basis;
v. they have laid down internal financial controls to be followed by the Company and
such internal financial controls are adequate and operating effectively;
vi. they have devised proper systems to ensure compliance with the provisions of all
applicable laws and that such systems are adequate and operating effectively.
10. DIRECTORS AND KEY MANAGERIAL PERSONNEL
During the year under review, there was no change in the
composition of the Board. However, at the Annual General Meeting (AGM) held on July 5,
2021, Members approved the re-appointment of Ms. Anjali Bansal, Ms. Vibha Padalkar and Mr.
Sanjay V Bhandarkar as Independent Directors of the Company for the second consecutive
term of 5 years commencing from October 14, 2021.
In accordance with the requirements of the Act and the Company's
Articles of Association, Mr. Saurabh Agrawal retires by rotation and is eligible for
re-appointment. Members' approval is being sought at the ensuing AGM for his
re-appointment.
Mr. Kesava Menon Chandrasekhar was appointed as Independent Director by
the Members on August 23, 2017 for a period of 5 years w.e.f. May 4, 2017 upto May 3,
2022. Based on an evaluation of the balance of skills, knowledge and experience on the
Board and further, on the report of performance evaluation, the external business
environment, business knowledge, skills, experience and the substantial contribution made
by him during his tenure and considering that the continued association of Mr.
Chandrasekhar as an Independent Director of the Company would be beneficial to the
Company, and based on the recommendation of the Nomination and Remuneration Committee, the
Board, vide Resolution passed on April 21, 2022, appointed Mr. Chandrasekhar as an
Additional Director of the Company and subject to approval of the Members by way of
Special Resolution at the ensuing AGM of the Company, re-appointed him as a
Non-Executive Independent Director, not liable to retire by rotation, for a second
consecutive term commencing from May 4, 2022 upto February 19, 2023, when he attains the
retirement age of 75 years, as per the terms of the Governance Guidelines for Tata
Companies on Board Effectiveness. Mr. Chandrasekhar shall also cease to be a Director of
the Company with effect from close of business hours on February 19, 2023. Accordingly,
Members' approval is being sought at the ensuing AGM for his re-appointment. During
the year under review, the Non-Executive Directors (NEDs) of the Company had no pecuniary
relationship or transactions with the Company, other than sitting fees and commission, as
applicable, received by them.
In terms of Section 149 of the Act, Ms. Anjali Bansal, Ms. Vibha
Padalkar, Mr. Sanjay V. Bhandarkar, Mr. Kesava Menon Chandrasekhar and Mr. Ashok Sinha are
the Independent Directors of the Company. In terms of Regulation 25(8) of the Listing
Regulations, they have confirmed that they are not aware of any circumstances or situation
which exists or may be reasonably anticipated that could impair or impact their ability to
discharge their duties. Based upon the declarations received from the Independent
Directors, the Board of Directors has confirmed that they meet the criteria of
independence as mentioned under section 149(6) of the Act and Regulation 16(1)(b) of the
Listing Regulations and that they are independent of the management.
In the opinion of the Board, there has been no change in the
circumstances which may affect their status as Independent Directors of the Company and
the Board is satisfied of the integrity, expertise, and experience (including proRs.ciency
in terms of Section 150(1) of the Act and applicable rules thereunder) of all Independent
Directors on the Board. Further, in terms of Section 150 read with Rule 6 of the Companies
(Appointment and Qualification of Directors) Rules, 2014, as amended, Independent
Directors of the Company have included their names in the data bank of Independent
Directors maintained with the Indian Institute of Corporate Affairs.
During the year under review, Mr. Ramesh N. Subramanyam, Chief
Financial Officer and Key Managerial Personnel (KMP) of the Company tendered his
resignation w.e.f. close of business hours on December 31, 2021. The Board places on
record its appreciation for the valuable contribution and guidance of Mr. Subramanyam
during his tenure as Chief Financial Officer. Mr. Sanjeev Churiwala has been appointed as
the Chief Financial Officer and designated as KMP of the Company w.e.f. January 1, 2022.
In terms of Section 203 of the Act, following are the KMP of the
Company as on March 31, 2022:
• Dr. Praveer Sinha, CEO and Managing Director
• Mr. Sanjeev Churiwala, Chief Financial Officer
• Mr. Hanoz M. Mistry, Company Secretary
11. ANNUAL EVALUATION OF BOARD PERFORMANCE AND PERFORMANCE OF ITS
COMMITTEES AND INDIVIDUAL DIRECTORS
The Board of Directors has carried out an annual evaluation of its own
performance, board committees and individual directors pursuant to the provisions of the
Act and the Listing Regulations. The performance of the Board was evaluated by the Board
after seeking inputs from all the Directors based on criteria such as the board
composition and structure, effectiveness of board processes, information and functioning,
etc. The performance of the Committees was evaluated by the Board after seeking inputs
from the Committee members based on criteria such as the composition of Committees,
effectiveness of Committee meetings, etc.
In a separate meeting of Independent Directors, performance of
Non-Independent Directors, the Board as a whole and the Chairman of the Company was
evaluated, taking into account the views of the Executive Director and NEDs. The NRC
reviewed the performance of individual directors on the basis of criteria such as the
contribution of the individual director to the Board and Committee meetings like
preparedness on the issues to be discussed, meaningful and constructive contribution and
inputs in meetings, etc. The above criteria are broadly based on the Guidance note on
Board Evaluation issued by the Securities and Exchange Board of India on January 5, 2017.
In a subsequent Board meeting, the performance of the Board, its
Committees and individual Directors was also discussed. Performance evaluation of
Independent Directors was done by the entire Board, excluding the Independent Director
being evaluated.
12. POLICY ON BOARD DIVERSITY AND DIRECTOR ATTRIBUTES AND REMUNERATION
POLICY FOR DIRECTORS, KEY MANAGERIAL PERSONNEL AND OTHER EMPLOYEES
In terms of the provisions of Section 178(3) of the Act and Regulation
19 read with Part D of Schedule II to the Listing Regulations, the NRC is responsible for
determining qualification, positive attributes and independence of a Director. The NRC is
also responsible for recommending to the Board, a policy relating to the remuneration of
the Directors, KMP and other employees. In line with this requirement, the Board has
adopted the Policy on Board Diversity and Director Attributes, which is provided in
Annexure - I to this Report and Remuneration Policy for Directors, KMP and other employees
of the Company, which is reproduced in Annexure - II to this Report.
13. BOARD AND COMMITTEES OF THE BOARD
Board Meetings:
8 Board Meetings were held during the year under review. For further
details, please refer to the Report on Corporate Governance, which forms a part of this
Annual Report.
Committees of the Board:
The Committees of the Board focus on certain specific areas and make
informed decisions in line with the delegated authority.
The following statutory Committees constituted by the Board function
according to their respective roles and defined scope:
• Audit Committee of Directors
• Nomination and Remuneration Committee
• Corporate Social Responsibility Committee
• Stakeholders Relationship Committee
• Risk Management Committee
Details of composition, terms of reference and number of meetings held
for respective Committees are given in the Report on Corporate Governance, which forms a
part of this Annual Report.
The Company has adopted a Code of Conduct for its employees including
the Managing Director. In addition, the Company has adopted a Code of Conduct for its
Non-Executive Directors which includes Code of Conduct for Independent Directors which
suitably incorporates the duties of Independent Directors as laid down in the Act. The
same can be accessed using the following link: https://www.
tatapower.com/pdf/aboutus/Code-of-Conduct-NEDs.pdf. All Senior Management personnel have
afirmed compliance with the Tata Code of Conduct (TCoC). The CEO & Managing Director
has also confirmed and certified the same. The certification is enclosed as Annexure - I
at the end of the Report on Corporate Governance.
14. CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION
Your Company is a pioneer in propagating energy conservation and
operational efficiency with the objective of providing substantial benefit to customers in
the form of reduced emissions, pollutants and deliver cost effective and environment
friendly energy solutions. In Mumbai License area, a unique consumer initiative called
‘Be Green' under Demand Side Management (DSM) was launched for residential
customers to purchase energy efficient appliances at discounted prices and doorstep
delivery. More than 6,500 appliances were delivered in FY22. It is our endeavour to
incorporate cutting-edge energy efficiency technologies in our programs. These initiatives
have been discussed in detail in the information on conservation of energy and technology
absorption stipulated under Section 134(3)(m) of the Act read with Rule 8 of the Companies
(Accounts) Rules, 2014, as amended from time to time, attached as Annexure - III to this
Report.
15. CORPORATE GOVERNANCE
Pursuant to Regulation 34 of the Listing Regulations, Report on
Corporate Governance along with the certificate from a Practicing Company Secretary
certifying compliance with conditions of Corporate Governance forms part of this Annual
Report.
16. VIGIL MECHANISM
Your Company believes in the conduct of the affairs of its constituents
in a fair and transparent manner by adopting the highest standards of professionalism,
honesty, integrity and ethical behaviour. In line with the TCoC, any actual or potential
violation, howsoever insignificant or perceived as such, would be a matter of serious
concern for the Company. The role of the employees in pointing out such violations of the
TCoC cannot be undermined.
Pursuant to Section 177(9) of the Act, a vigil mechanism was
established for directors and employees to report to the management instances of unethical
behaviour, actual or suspected, fraud or violation of the Company's code of conduct
or ethics policy. The Vigil Mechanism provides a mechanism for employees of the Company to
approach the Chief Ethics Counsellor / Chairman of the Audit Committee of Directors of the
Company for redressal. No person has been denied access to the Chairman of the Audit
Committee of Directors.
17. RISK MANAGEMENT
The Board has formed a Risk Management Committee to frame, implement
and monitor the risk management plan for the Company. The Committee is responsible for
monitoring and reviewing the risk management plan and ensuring its effectiveness. The
Audit Committee of Directors has additional oversight in the area of financial risks and
controls. The major risks identified by the businesses and functions are systematically
addressed through mitigating actions on a continuing basis. Furthermore, your Company has
set up a robust internal audit function which reviews and ensures sustained effectiveness
of IFC by adopting a systematic approach to its work. The development and implementation
of risk management policy has been covered in the Integrated Report (Pages 36-39).
Internal Financial Control Systems and their Adequacy
Your Company's internal control systems are commensurate with the
nature of its business, the size and complexity of its operations and such IFCs with
reference to the Financial Statements are adequate. Your Company has implemented robust
processes to ensure that all IFCs are effectively working. For details on IFC systems,
please refer Integrated Report (Page 37).
18. DETAILS OF SIGNIFICANT AND MATERIAL ORDERS
No significant and materials orders were passed by the regulators or
courts or tribunals impacting the going concern status and your Company's operations
in future.
There was no application made or proceeding pending against the Company
under the Insolvency and Bankruptcy Code, 2016 (31 of 2016) during the year under review.
19. STATUTORY AND BRANCH AUDITORS
S R B C & CO. LLP (SRBC) (ICAI Firm Registration Number: 324982E /
E300003), who are the statutory auditor of your Company, hold office until the conclusion
of the 103rd AGM to be held on July 7, 2022.
Pursuant to the provisions of Sections 139, 142 and other applicable
provisions, if any, of the Act (including any statutory modification or re-enactment
thereof for the time being in force) and the Companies (Audit and Auditors) Rules, 2014,
as amended from time to time, SRBC are proposed to be re-appointed as Statutory Auditors
of the Company for a second term of five years to hold office from the conclusion of the
103rd AGM till the conclusion of the 108th AGM in 2027, subject to approval of Members in
the ensuing AGM. The necessary resolutions for re-appointment of SRBC form part of the
Notice convening the ensuing AGM scheduled to be held on July 7, 2022.
The Company has in its Notice convening AGM sought approval from the
Members for passing a resolution vide item No. 19 authorizing the Board to appoint Branch
Auditors of any Branch office of the Company, whether existing or which may be
opened/acquired, outside India, to act as Branch Auditors.
20. STATUTORY AUDITOR'S REPORT
The standalone and the consolidated financial statements of the Company
have been prepared in accordance with Ind AS notified under Section 133 of the Act.
The Statutory Auditor's report does not contain any
qualifications, reservations, adverse remarks or disclaimers. The Statutory Auditors of
the Company have not reported any fraud to the Audit Committee as specified under section
143(12) of the Act, during the year under review.
The Statutory Auditors were present in the last AGM.
21. COST AUDITOR AND COST AUDIT REPORT
Your Board has appointed M/s. Sanjay Gupta and Associates (Firm
Registration No 000212), Cost Accountants, as Cost Auditors of the Company for conducting
cost audit for FY23. A resolution seeking approval of the Members for ratifying the
remuneration of Rs. 6,50,000 (Rupees Six lakh Rs.fty thousand) plus applicable taxes,
travel and actual out-of-pocket expenses payable to the Cost Auditors for FY23 is
provided in the Notice to the ensuing AGM. Maintenance of cost records as specified by the
Central
Government under section 148 (1) of the Act is not applicable to the
Company. The Cost Audit Report does not contain any qualifications, reservations, adverse
remarks or disclaimers.
22. SECRETARIAL AUDIT REPORT
M/s. Makarand M. Joshi & Co., Company Secretaries (Peer Review
Number: P2009MH007000), were appointed as Secretarial Auditors of your Company to conduct
a Secretarial Audit of records and documents of the Company for FY22. The
Secretarial Audit Report confirms that the Company has complied with the provisions of the
Act, Rules, Regulations and Guidelines and that there were no deviations or
non-compliances. The Secretarial Audit Report is provided in Annexure-IV to this Report.
The Secretarial Audit Report does not contain any qualifications,
reservations, adverse remarks or disclaimers. As per the requirements of the Listing
Regulations, Practicing Company Secretaries of the material unlisted subsidiaries of the
Company have undertaken secretarial audits of such subsidiaries for FY22. The Audit
Reports of such material unlisted subsidiaries confirm that they have complied with the
provisions of the Act, Rules, Regulations and Guidelines and that there were no deviations
or non-compliances. The Secretarial Audit Reports of the unlisted material subsidiaries
viz. Tata Power Delhi Distribution Limited, Tata Power Solar Systems Limited and Walwhan
Renewable Energy Limited have been annexed to this Report.
23. SECRETARIAL STANDARDS
The Company has devised proper systems to ensure compliance with the
provisions of all applicable Secretarial Standards issued by the Institute of Company
Secretaries of India and that such systems are adequate and operating effectively.
24. LOANS, GUARANTEES, SECURITIES AND INVESTMENTS
Your Company, being an infrastructure company, is exempt from the
provisions as applicable to loans, guarantees, securities and investments under Section
186 of the Act. Therefore, no details are required to be provided.
25. RELATED PARTY TRANSACTIONS
In line with the requirements of the Act and the Listing Regulations,
the Company has formulated a Policy on Related Party Transactions and the same can be
accessed using the following link: https://www.tatapower.com/pdf/
aboutus/rpt-policy-framework-guidelines.pdf.
During the year under review, all transactions entered into with
related parties were approved by the Audit Committee of Directors. Certain transactions,
which were repetitive in nature, were approved through omnibus route. There were no
material transactions of the Company with any of its related parties. Therefore, the
disclosure of Related Party Transactions as required under Section 134(3)(h) of the Act in
Form AOC-2 is not applicable to the Company for FY22 and, hence, the same is not required
to be provided.
26. SUSTAINABILITY
Your Company is committed to the Tata Group values and the
nation's vision for sustainable growth and energy security for all. Your Company
stays on the path to progressive practices and societal imperatives, in alignment with UN
SDGs. Your Company is also conscious of rising gen-next consumer sentiment around
environmentally responsible lifestyle and consumption and has created multiple products
and services that enable customers to make small changes today for a greener tomorrow.
Nearly 1/3rd of your Company's generating capacity comes from clean
energy sources like solar, wind and hydro. Your Company aims to be a significant
contributor to India's promise on Carbon Net Zero by 2045, with an additional target
on Water neutrality and Zero Waste to Landfill before 2030. Your Company's efforts on
this path have been validated and acknowledged by external ESG experts, with your Company
consistently leading the Energy sector rankings, domestic and global. Your Company
represented India to co-create the Global SDG roadmap for electric utilities with WBCSD
(World Business Council for Sustainable Development) along with 10 other global energy
utilities.
26.1 CARE FOR OUR COMMUNITY/COMMUNITY RELATIONS
As the country's oldest and leading integrated energy utility,
your Company today serves millions of lives through its business value chain and the
social development and ecological initiatives seeded through the Tata Power Community
Development Trust (TPCDT). Our ethos of nation building finds visibility through our focus
on women empowerment and inclusive growth. Your Company has been working on three thrust
areas viz. Education (including Financial and Digital Literacy), Employability and
Employment (including skill training for livelihoods) and Entrepreneurship (including
micro-enterprise through Self-Help Groups). In addition, special programs around
Affirmative Action (AA) and Disabilities including Autism Care help further the inclusive
growth commitment.
Your Company enlists support from all its employees to run a wide and
deep volunteering program (Arpan) through which multiple Bio-diversity conservation
efforts including Tree Mittra (to conserve native species) and Club Enerji (to develop
young conservation champions) are ampliRs.ed and clock over one lakh volunteering hours
annually.
Your Company has been committed to long-term sustainable conservation
efforts, most notable among them being 50 years of Mahseer conservation (which led to the
Deccan Mahseer moving from endangered to Least Concern status) in Maharashtra. Your
Company is also working in Odisha to raise awareness around Elephant Conservation. In
FY22, your Company's flagship programmes enabled an impact for lakhs of community members
in over 60 districts spread across 17 states, including 10 aspirational districts (as
defined by Government of India) and multiple marginalized communities served under our
Tata AA efforts.
As a part of its COVID-19 response initiatives, your Company reached
out to all possible geographical clusters across 16 states and union territories
(UT) and also enabled COVID and disaster response support like insurance and vaccination
support aided by a multi-lingual live helpline in the country.
The Company's relief and resilience measures supported over 1.90 lakh
community members and more than 150 public institutions in underserved areas around 65+
operating sites, 6+ aspirational districts; strengthening the abilities of PHCs,
sub-centres, local hospitals, district administrators, sarpanches, police; ANMs,
aanganwadi workers, temporary Covid relief centres, CSR teams, volunteers, Self-Help Group
(SHG) women and others in our local ecosystems.
Flagship initiatives undertaken across various locations during FY22
can be summarized as below:
• Financial inclusivity (Adhikaar) program was undertaken across
all major locations with nearly 3 lakh beneficiaries covered with resources worth
Rs. 200 crore accessed under various Government schemes by communities. A unique model has
been furthered under #Adhikaar - training and empowering more than 840 'Adhikaarpreneurs'
who earn livelihoods while acting as local community change agents to lead transformation.
• 2,300 SHG (women) covering 16,000 members involved in various
flagship initiatives such as Anokha Dhaaga, Abha, Roshni and Adhikaar with 5,000+ members
are active economic value generating members through semi-organized, income generating
activities with cumulative turnover of Rs. 2.3 crore across sites for all SHGs. A unique
blend of Reduce, Re-use and Recycle has been adopted, piloted and deployed with SHG
members in Maharashtra and Jharkhand focussing on products made from recycled papers.
• With core focus on addressing skill-gap challenge, your Company has trained
nearly 1 lakh youth through uniquely created integrated skilling centres (Roshni) ensuring
75% of placement to eligible youth.
• Over 45,000 youth were skilled through Tata Power Skill Development Institute
(Roshni). Of which 25% youth from AA community were benefitted from the intervention. Your
Company has also launched and signed MoU for Skill Park in Kerala.
• Through its Tree Mittra program, over 8.5 lakh saplings are planted by its
volunteers and partners year on year - covering multiple sites.
The CSR policy of the Company has been provided on the Company's
website at https://www.tatapower.com/pdf/ aboutus/csr-policy.pdf.
The Company's standalone CSR spend for FY22 stood at Rs. 2.09
crore (i.e. 2% CSR obligation). Details of the consolidated CSR activities of your Company
and its key subsidiaries are described in Communities section of Integrated Report (Pages
62-67) as well as in the Business Responsibility and Sustainability Report (BRSR). The
annual report on CSR activities (standalone) is provided in Annexure - V to this Report.
On a consolidated basis, the Company's Group entities expenditure on CSR activities stood
at Rs. 32.77 crore against the CSR obligation of Rs. 40.30 crore (calculated as per
Section 135 of the Act) in FY22. The balance unspent of CSR obligation has been
transferred to Special Bank Account in compliance with the provisions of the Act.
26.2 AFFIRMATIVE ACTION
As a part of AA, your Company continued particular focus on Social
Inclusivity and AA commitment, targeted outreach to families from Scheduled Castes (SC),
Scheduled Tribes (ST), Other Backward Classes (OBC), migrant families, sanitation workers,
differently abled as well as other such disadvantaged communities. In alignment to Tata
philosophy, your Company remains committed to the upliftment of the most marginalized
communities and groups through defined Es- Entrepreneurship, Employability and Employment
and Education around the operating sites. In its journey, your Company continued working
with local vendors and promoting inclusion of SC/ST in the business opportunities. This is
driven by Corporate Contracts department with a single point of contact at the corporate
level as well as at division/site level to facilitate inclusion of SC/ST vendors. AA
process for vendor enlistment and ordering was deployed to encourage and evolve
entrepreneurship skill among the communities and enable them to be a part of business
ecosystem. It also made them compete with positive discrimination element by offering a
price preference of 5% over the L1 bidder and gives incentive of 1% of contract value for
engaging 50% workforce from SC/ST community. Your Company also promoted entrepreneurship
at community level by supporting enterprise development. In FY22, business worth Rs. 9.63
crore was given to 24 vendors from SC/ST community.
26.3 SUSTAINABILITY REPORTING
Your Company has voluntarily adopted the International Integrated
Reporting Council (IIRC)-IR Framework to prepare its third Integrated Report FY22 as per
SEBI recommendations in February 2017. Your Company has also voluntarily prepared the
Business Responsibility and Sustainability Report (BRSR) a year before the mandate by SEBI
in May 2021 for the top 1,000 listed companies (by market capitalization) to report on
BRSR by FY23. The content of the report is in accordance with the Global Reporting
Initiative (GRI) 2021 standards and aligns to the National Voluntary Guidelines (NVG) on
Social, Environmental and Economic responsibilities of the business as well as the United
Nations Sustainable Development Goals (SDGs). The Integrated Report communicates your
Company's performance on financial and non-financial aspects to all stakeholders,
underlying the priority of our leadership and strategy towards value creation as well as
commitment to a more sustainable future with low-carbon smart energy solutions giving more
power to you.
1. Environment
Your Company continues to strive for efficiency in operations and
maintenance through adoption of best practices optimizing its efficiency parameters like
heat rate and auxiliary power consumption resulting in lower resource consumption and
lower carbon emissions. Continuing its path to be a pioneer for environmental stewardship
in the power industry, your Company further focusses on efficient use of water, prudent
recycling and waste disposal measures and remains committed to comply with regulations.
Your Company also has been strategically focussing on scaling up renewables business,
venturing into new energy efficient green business initiatives like Microgrids, EV
charging, Home Automation, Solar Rooftop as well as exploring new opportunities in
distribution businesses. All these initiatives reinforce your Company's commitment
towards sustainable 'Green' growth and encouraging the customer to avail energy efficient,
future-ready, smart energy solutions. A brief outline of your Company's efforts
towards protection of environment and biodiversity is given in the Environment section of
Integrated Report (Pages 76-83).
2. Health and Safety
Your Company is consciously committed to health and safety of all
employees and other stakeholders with a defined safety vision 'To be a leader in Safety
Excellence in the global power and energy business'. Your Company employs a pro-active and
pre-emptive approach to occupational health and safety and is committed to actively drive
the agenda through the length and breadth of the organization. Consequently, 100% of your
employees and contractual workforce are trained on various aspects of Occupational Health
and Safety. Close monitoring of safety performance has also helped your Company to achieve
desired goal of zero injuries and fatalities. Suraksha mobile app is one such monitoring
intervention that enables employees to conveniently report unsafe conditions and similar
provision for reporting of unsafe conditions has been made available to contractual
workforce through Stakeholder Suraksha Application. Furthermore, your Company has already
started venturing towards application of advanced technologies like digitization,
e-enablement of safety processes, usage of drones, remote monitoring, safe systems for
high-risk activities, etc. to eliminate and minimize the risks associated with various
activities for betterment of safety performance. More deployment of advanced technologies,
skill set, and behavioral interventions are planned in the near future for further
enhancement of safety performance. A detailed description of Health and Safety initiatives
taken by your Company is outlined in Employee section of Integrated Report (Pages 68-75).
3. Customer Relationship
Your Company is working consistently towards a dedicated theme of
energizing and sensitizing customers for smart and future-ready energy solutions to ensure
a sustainable future. Relationships with customers play a crucial role in our value
creation journey. The focus in our routine operations revolves around our customer
affection statement, 'To earn the affection of customers by delivering superior value and
superior experience thereby making them ambassadors'. Your Company ensures 100% health and
safety communication for products and services through safety signage in and around
substations and public places.
Your Company customises product and service delivery as per customer
needs and offering customers a combination of power supply sources to minimise costs.
Multiple technical solutions (basis study conducted by IIT, Mumbai) have been implemented
to reduce voltage fluctuations. Measures were also implemented to reduce cost which was
reflected in the reduced tariff proposal in the Multi Year Tariff (MYT) petition.
Your Company has an Internal Grievance Redressal Cell for customers to
lodge complaint in case of any dissatisfaction. As of March 31, 2022, there have been
0.011% of customer complaints or consumer cases pending beyond the turnaround time in
Mumbai Distribution area.
Your Company has also been a pioneer in leveraging digital technology
to serve customers efficiently. Few of such initiatives are Know Your Energy Consumption
(KYEC), Webchat integrated chatbot TINA, e-Nach, all women customer relations centre, etc.
Webchat integrated chatbot TINA went live on customer portal since January 2021 through
which consumers can have live communication with Company officials. Furthermore, through
implementation of e-billing, your Company reinforces its commitment towards saving of
trees and ecosystem. Since the inception of this initiative, around 3.4 lakh customers
opted for e-billing in Mumbai license area resulting in saving of approximately 5,960
trees. A detailed description of your customer relation measures is given in the Customers
section in the Integrated Report (Pages 52-59).
4. Human Resource Management
A key area of focus for your Company is to create a performance driven
workforce while ensuring the health and well-being of employees and their families. Many
policies and benefits were implemented to maximize employee engagement and welfare. Your
Company also continues to endeavour to create a work environment which is collaborative
and learning and growth oriented to enable employees to perform at their full potential.
Our Human Resource (HR) strategy adopts a multipronged approach covering all the key
facets of employee development. Learning as a stated value of the Company also sets the
tone of your Company's aim to develop competencies to rise to new challenges
especially posed by ventures into new business areas and renewable energy. Some of the key
HR programmes of your Company are Talent Next, Youth Power Confluence, Gyankosh, Reward
and Recognition, etc. A detailed description is given in the Employee section of the
Integrated Report (Pages 68-75).
26.4 BUSINESS RESPONSIBILITY & SUSTAINABILITY REPORT (BRSR)
The Company has provided BRSR in lieu of Business Responsibility Report
and the same is in line with the SEBI requirement based on the ‘National Voluntary
Guidelines on Social, Environmental and Economic Responsibilities of Business'
notified by Ministry of Corporate Affairs (MCA), Government of India, in July 2011 and the
amendment to Listing Regulations in May 2021. Your Company reported its performance for
FY22 as per the BRSR framework, describing initiatives taken from an environmental, social
and governance perspective.
As per Regulation 34 of the Listing Regulations, a BRSR is a part of
this Annual Report. Since the Company is publishing Annual Report under Integrated
Reporting Council Framework (IIRC), report on the nine principles of the National
Voluntary Guidelines on social, environmental and economic responsibilities of business as
framed by the MCA, is provided in relevant sections of IR with suitable references to the
BRSR.
26.5 PREVENTION OF SEXUAL HARASSMENT
Disclosures in relation to the Sexual Harassment of Women at Workplace
(Prevention, Prohibition and Redressal) Act, 2013 have been provided in the Report on
Corporate Governance as well as MD&A.
27. ANNUAL RETURN
Pursuant to Section 92 of the Act and Rule 12 of the Companies
(Management and Administration) Rules, 2014, the Annual Return is available on the website
of the Company on the following link: https://www.tatapower.
com/pdf/investor-relations/Annual-Return-MGT-21-22.pdf.
28. PARTICULARS OF EMPLOYEES AND REMUNERATION
The information required under Section 197(12) of the Act read with
Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules,
2014, is attached as Annexure - VI.
Statement containing the particulars of top ten employees and the
employees drawing remuneration in excess of limits prescribed under Section 197(12) of the
Act read with Rule 5(2) and (3) of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014 is an annexure forming part of this Report. In terms of
the proviso to Section 136(1) of the Act, the Report and Accounts are being sent to the
Members excluding the aforesaid annexure. The said statement is also available for
inspection with the Company. Any Member interested in obtaining a copy of the same may
write to the Company Secretary at investorcomplaints@tatapower.com.
Officers of the organisation are classified into five management work
levels i.e. MA, MB, MC, MD and ME. The work levels are further divided into grades.
Non-management employees are across different grades and also have been classified as
unskilled, semi-skilled, skilled and highly skilled.
29. DEPOSITS
The Company has not accepted any deposits from public and as such, no
amount on account of principal or interest on deposits from public was outstanding as on
the date of the Balance Sheet.
30. FOREIGN EXCHANGE - EARNINGS AND OUTGO
( Rs.in crore)
| Particulars - Standalone |
FY22 |
FY21# |
| Foreign Exchange Earnings |
4,656 |
809 |
| Foreign Exchange Outflow mainly on account of: |
4,714 |
4,891 |
| • Fuel purchase |
4,678 |
4,745 |
| • Interest on foreign currency borrowings, NRI dividends |
5 |
4 |
| • Purchase of capital equipment, components and spares
and other miscellaneous expenses |
31 |
142 |
# Restated due to CGPL and Af-Taab merger
31. ACKNOWLEDGEMENTS
On behalf of the Directors of the Company, I would like to place on
record our deep appreciation to our shareholders, customers, business partners, vendors
(both international and domestic), bankers, financial institutions and academic
institutions for all the support rendered during the year. The Directors are thankful to
the Government of India, the various ministries of the State Governments, the Central and
State Electricity Regulatory authorities, communities in the neighbourhood of our
operations, municipal authorities of Mumbai and local authorities in areas where we are
operational in India; as also partners, governments and stakeholders in international
geographies where the Company operates, for all the support rendered during the year.
The Directors regret the loss of life due to COVID-19 pandemic and are
deeply grateful and have immense respect for every person who risked their life and safety
to Rs.ght this pandemic.
Finally, we appreciate and value the contributions made by all our
employees and their families for making the Company what it is.
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