Tata Power said the rating upgrade has been driven by the de-leveraging initiatives such as sale of non-core assets (South African wind asset and shipping business) and the preferential allotment of equity undertaken by the company.
Praveer Sinha, CEO and Managing Director, Tata Power said this rating upgrade recognises the significant efforts of the company to strengthen the fundamentals.
The company is on course to achieve the deleveraging and restructuring of business as laid out in its long term strategy which will bring greater value for our stakeholders, he added.
Shares of Tata Power were trading 1.78 per cent higher at Rs 54.20 apiece on BSE.
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