Tata Motors Ltd is going to significantly reduce its group automotive debt of ₹48,000 crore ($6.4 billion) around next three years, the company’s chairman said, during its annual shareholder meeting on Tuesday i.e. 25th August.
N Chandrasekaran said, Tata Motors is “deleveraging this business substantially” and has set targets to generate free cash flows.
Automakers globally have been hit by the COVID-19 pandemic which has hurt demand for cars and disrupted supply chains because of curbs on travel and the movement of goods
Chandrasekaran said, “The company is working with agility to transform towards a future that is strong, sustainable, and financially rewarding,” adding that the group would also look to “unlock non-core investments”.
