Tata Power

In paragraph 2 corrects company name to HCL

By Dan Rosenzweig-Ziff

WASHINGTON, Oct 8 (Reuters) - US Vice President JD Vance said on Thursday that the federal government was suspending Microsoft from a program that allows skilled foreign workers to gain permanent residency, citing alleged fraud.

Secretary of Labor Keith Sonderling added that some of the largest IT firms in the world would also be suspended from that program, including Cognizant, Infosys, Tata, Wipro, HCL and Capgemini, as well as Adobe. Microsoft did not immediately respond to a request for comment.

He also said nine universities, including Harvard, Yale and Stanford, would be investigated for allegedly bringing in international students to undercut American wages. Labor Inspector General Anthony D'Esposito said subpoenas had already been served.

(Reporting by Dan Rosenzweig-Ziff; Editing by Mark Porter)

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Sept 29 (Reuters) - A potential Tata Sons listing and leadership transition at the Tata Group would not immediately affect ratings on its operating companies, ratings agency S&P Global said on Tuesday, adding that any changes to the conglomerate's financial policies are likely to be gradual.

(Reporting by Kashish Tandon in Bengaluru; Editing by Ronojoy Mazumdar)

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By Sarita Chaganti Singh and Sethuraman N R

NEW DELHI, Sept 26 (Reuters) - India has ordered more than 100 captive coal-fired power plants to operate at maximum capacity from October 1 through year-end to meet what it expects will be a rise in electricity demand.

• The federal power ministry's order, invoked under emergency provisions of the Electricity Act, applies to plants with installed capacity of at least 50 megawatts

• The aim is to meet an "expected rise in electricity demand in the coming months," showed the order dated September 25 and seen by Reuters

• Nearly 40% of coal-fired plants are operating with critically low fuel stock due to a surge in power demand as the El Niño climate phenomenon raises temperatures more than usual

• The plants primarily serve industrial facilities such as aluminium smelters, steel manufacturers, cement factories and oil refineries

• The power ministry has directed generators to sell surplus electricity through power exchanges

• The order covers 112 plants belonging to companies including Vedanta VDAN.NS, Tata Steel TISC.NS, Hindalco Industries HALC.NS, JSW Steel JSTL.NS, UltraTech Cement ULTC.NS, Reliance Industries RELI.NS, Indian Oil IOC.NS, Bharat Aluminium BHLNO.UL, Hindustan Zinc HZNC.NS and Nayara Energy

• The ministry has ordered plants to report weekly to the Central Electricity Authority detailing generation, captive consumption, power sales, available capacity and coal stocks

• Separately, the ministry has extended an earlier emergency order requiring Tata Power's TTPW.NS imported coal-fired plant in Mundra, Gujarat, to operate at full capacity until December 31, citing the demand situation

• Section 11 of the Electricity Act allows the government, under extraordinary circumstances, to direct generators to operate power stations in accordance with its instructions

(Reporting by Sethuraman NR and Sarita Chaganti Singh; Editing by Christopher Cushing)

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Refiles to remove repetitive phrase in paragraph 6

By Jayshree P Upadhyay and Arpan Chaturvedi

NEW DELHI, Sept 25 (Reuters) - India's Tata Sons, the owner of marquee brands like Jaguar Land Rover and Tetley tea, is facing one of its worst boardroom disputes, with its leadership now openly split with its biggest shareholder over key decisions.

Tata Trusts, the charity arm of the group, owns a 66% stake in Tata Sons, but the company's board has re-appointed its chairman N. Chandrasekaran and has decided to move ahead with a possible stock market listing against the wishes of its owner, putting the power struggle at the centre of the standoff.

Here's an explainer on the views of both sides, the complex structures and legal options being considered, according to people familiar with the matter:

WHAT'S THE LEGAL VIEW OF TATA TRUSTS AND TATA SONS?

Both sides have appointed some of the nation's top lawyers to defend them and explain who can call the shots.

Noel Tata-led Tata Trusts is being represented by lawyer Abhishek Manu Singhvi, a lawmaker and Congress party leader. He has said the dispute is about shareholder supremacy and the conglomerate cannot act like a "runaway board" operating independently of the controlling shareholder.

Tata Group's Chandrasekaran, who has roped in Harish Salve, a former solicitor general of India who often represented the government at international forums, disputes that position. Salve says the board's decision was in line with internal governing rules, and the charity arm needs to get past "I control the trusts, I control this group mindset."

WHY CAN'T THE TATA TRUSTS CALL A SHAREHOLDER MEETING AND OUST THE CHAIRMAN?

The Tata Trusts have problems of their own that are currently sapping their influence.

The Tata Trusts are made up of several affiliated charities and they could have used their voting power to call for a shareholders meeting to effectively oust Chandrasekaran.

But that is not possible because one of the main charities — Sir Ratan Tata Trust — has been barred by a regulator from convening its own meetings in a dispute over internal appointments. So, as per internal rules, the charities currently lack the power to call for a Tata Sons shareholder meet.

The trusts can either wait for the deadlock to lift once the regulatory inquiry ends, or are considering approaching a court to lift the restrictions, two people familiar with the matter said.

WHAT'S THE CONTROVERSY ABOUT "ARTICLES OF ASSOCIATION"?

At the heart of the dispute is the governance framework called the "Articles of Association" of Tata Sons. Both sides — Tata Trusts and Tata Sons — disagree on the reading of those rules, which are not public.

The charity arm says if Noel Tata opposed the appointment of the chairman, it was enough to not move forward on him. It believes such decisions cannot be taken unless it has the support of a majority of the trusts' two nominees on the board.

In this case, "majority amongst two is two and not one," the charity arm has publicly argued.

Tata Sons' lawyer Salve disagrees. He says both of the trusts' nominees voted differently, which prompted a casting vote that helped reappoint the chairman as per governance rules.

IS TATA TRUSTS CONSIDERING GOING TO COURT?

The charity arm is working on many options to oust Chandrasekaran and reverse the board's decision, sources say.

One option being considered is a challenge in Mumbai's company tribunal arguing that the board should not have proceeded as the majority — that is both of the trusts' nominees — did not vote in favour of the chairman's reappointment.

The divide also extends to the issue of stock market listing of Tata Sons — which the board agrees to, but the charity arm does not.

Tata Trusts could approach the High Court in Mumbai to challenge the Indian regulatory requirement to list the company.

(Editing by Aditya Kalra and Christian Schmollinger)

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The author is a Reuters Breakingviews columnist. The opinions expressed are her own.

By Shritama Bose

MUMBAI, Sept 21 (Reuters Breakingviews) - A boardroom battle at the $260 billion Tata group is turning into a test of institutional credibility for India. Multiple official bodies are driving Tata Sons, the conglomerate's holding firm, toward a public offering of its shares, a move strongly opposed by its majority shareholders. The drama harks back to the 1970s when an official diktat to increase local ownership led to Coca-Cola's KO.N exit from the country. The latest struggle may redraw the boundaries for private enterprise in India.

Tata Sons' board led by N. Chandrasekaran favours a listing. But charities collectively known as Tata Trusts, owners of 65% of the private holding company, argue that going public would dilute the group's philanthropic focus. Trusts Chair Noel Tata on Thursday said that its commitments in sectors like electronics manufacturing and civil aviation require "patience measured in decades rather than in quarters".

Like other conglomerates, the 158-year-old Tata group has long aligned itself with New Delhi's policy goals. What's different under Chandra's leadership is a commitment to so many capital-intensive, long-gestation projects at once. It privatised Air India in 2022 and struck out into iPhone assembly and government subsidy-backed semiconductors, going so far as to promise a chipmaking facility in the geographically tricky north-east of India. Tata Power TTPW.NS is targeting a 2032 launch for its first nuclear plant as India tries to cut dependence on energy imports.

Although the Trusts signed off on these decisions, this huge commitment to national development appears to have emboldened officials to try to stake a claim in the group's corporate structure. One motivation may be to avoid a credit default at engineering and construction conglomerate Shapoorji Pallonji group, whose ability to honour its estimated 600 billion rupees ($6.26 billion) borrowings depends partly on its ability to monetise its 18.4% stake in the unlisted Tata Sons.

Take the Reserve Bank of India. The regulator introduced rules in 2022 mandating large companies registered as core investment companies, a category of non-bank lenders, to go public within three years. The following year Shanghvi Finance, a firm backed by Sun Pharmaceuticals SUN.NS founder Dilip Shanghvi, applied successfully to remove itself from that category. Tata Sons tried the same route, but the RBI on September 11 rejected its request, baffling much of the financial community.

The conduct of India's courts is also under scrutiny after Maharashtra state's quasi-judicial regulator for charities barred trustees at Sir Ratan Tata Trust, one of Tata Sons' main shareholders, from holding meetings while it determines the legality of the Trust's current board composition. This complicates the Trusts' ability to block Tata Sons' move last week to re-appoint Chandra for a fresh five-year term, which the Trusts have called "illegal".

The boardroom coup tramples the idea of shareholder supremacy, a view reiterated in unusually scathing terms on Friday by India's top proxy advisory firm IiAS. It all adds to an impression of the Indian state bearing down with full force to call the shots at a private company. Whether or not that is the case, the widespread perception is highly damaging. Unlike Coca-Cola, the Tatas can't quit India. But proof of creeping nationalisation would ring an alarm for those who can.

Follow Shritama Bose on LinkedIn and X.

CONTEXT NEWS

Tata Trusts Chair Noel Tata on September 17 said the Tata conglomerate must explore all options to avoid a listing of its holding company Tata Sons.

"If Tata Sons is publicly listed, the rights of Tata Trusts as majority shareholders stand to be seriously impaired," he said at a Tata Sons board meeting, according to a statement from the Trusts which own 65% of Tata Sons.

Noel asked the board to engage with the Reserve Bank of India and seek a period of at least three years up to September 2029 to comply with a regulatory mandate to go public. He said it would take time to recast Tata Sons' articles of association and secure related shareholder approvals.

The RBI on September 11 turned down Tata Sons' request to deregister as a non-bank lender, making it mandatory for the company to go public and comply with the central bank's rules for large shadow lenders.

The regulator also took the unusual move of pre-emptively approaching the Bombay High Court, seeking ​to be heard in any case filed related to the listing of Tata Sons, Reuters reported on September 15, citing an unnamed source directly familiar with the matter.

Tata Sons on September 17 reappointed N. Chandrasekaran as executive chair for five years and said it would initiate steps to comply with the RBI's order. It reversed Chandrasekaran's decision on August 12 to not seek reappointment citing the absence of the board's unanimous support. Tata Trusts, which oppose a listing, dismissed the re-appointment as "illegal".

(Editing by Una Galani; Production by Ujjaini Dutta)

((For previous columns by the author, Reuters customers can click on BOSE/[email protected]))

Updates graphic, adds analyst comments, share close; paragraphs 10-13

By Surbhi Misra and Bharath Rajeswaran

Sept 18 (Reuters) - Shares of India's Tata Group companies lost $4 billion in market value on Friday, as investors reacted to heightened uncertainty over the potential listing and leadership of holding company Tata Sons, following a public dispute.

The selloff followed Tata Sons' decision on Thursday to reappoint Chairman N. Chandrasekaran for five years and move towards complying with RBI rules that could require a listing, despite opposition from its 66% shareholder, Tata Trusts.

The moves deepened a dispute over governance and succession, raising concerns about capital allocation, leadership uncertainty and the impact of a potential Tata Sons listing on the group's structure.

About 383.61 billion rupees ($4.00 billion) was erased from the combined market value of listed Tata Group companies on Friday, from about $268.5 billion at Thursday's close, Reuters calculations based on exchange data showed.

Shares of flagship Tata Consultancy Services TCS.NS closed down 3.88%, while Tata Chemicals TTCH.NS slumped 11.04% and Tata Motors Passenger Vehicles TAMO.NS fell 3.4%.

Tata Elxsi TTEX.NS dropped 3.4% and Tata Investment Corporation TINV.NS lost 2.55%, and Tata Steel TISC.NS slipped 0.93%.

Some group stocks bucked the trend, with Tata Capital TATC.NS rising 2.42%, Tata Power TTPW.NS gaining 1.57% and Tata Motors TATM.NS adding 1.56%.

Friday's declines reversed some of Thursday's gains in group stocks that followed news of Chandrasekaran's reappointment.

Governance concerns were weighing on sentiment towards Tata Group stocks, although individual companies remain exposed to their own industry-specific fundamentals, said Mayank Jain, market analyst at Share.Market by PhonePe.

Tata Trusts has called Chandrasekaran's reappointment "illegal" under Tata Sons' articles and opposed a listing, exposing a widening divide over the future structure of the 158-year-old conglomerate.

Chandrasekaran's reappointment "further displayed" divisions within the boardroom, said independent market analyst Ambareesh Baliga.

Separately, Tata Trusts said Shapoorji Pallonji Group, Tata Sons' second-largest shareholder, had proposed monetising part of its 18.4% stake through a two-tranche buyout that would yield at least $2.61 billion over 18 months.

On Friday, SP Group backed a potential Tata Sons listing.

($1=95.8725 Indian rupees)

(Reporting by Surbhi Misra and Bharath Rajeswaran in Bengaluru; Writing by Chandini Monnappa; Editing by Sonia Cheema and Clarence Fernandez)

(([email protected] | X: https://twitter.com/SurbhiMisra_ |;))

** Water treatment solutions provider Enviro Infra Engineers' ENVI.NS shares rise 2.8% to 211.84 rupees

** Co says it received a letter of intent (LOI) from Tata Power Renewable Energy for the development of a 180 MW NTPC wind power project in Maharashtra state

** LOI has a contract value of 2.24 billion rupees ($23.55 million)

** ENVI trades at forward 12-month PE of 11.32 vs industry median of 18.70 - data compiled by LSEG

** YTD, stock up 0.1%

($1 = 95.1000 Indian rupees)

(Reporting by Abhinav Parmar in Bengaluru)

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By Abhijith Ganapavaram

NEW DELHI, Sept 8 (Reuters) - Air India's request for about $1.5 billion in funds from its owners — Tata Sons TATO.NS and Singapore Airlines — has sparked a debate in Singapore over state investor Temasek's exposure to the Indian carrier.

A government minister said the news of the funding request had prompted anti-Indian abuse online, and asked police to examine the comments.

Here are the key facts:

AIR INDIA'S FUNDING REQUEST

Air India has approached India's Tata Group and Singapore Airlines about equity funding months after the second-largest Indian airline and its budget arm posted a record annual loss of $2.33 billion, Reuters reported last month.

While Tata is the majority owner, Singapore Airlines SIAL.SI, which is itself majority-owned by state investor Temasek, holds 25.1% of Air India and has booked its share of the Indian carrier's losses.

WHY HAS THE REQUEST SPARKED POLITICAL SCRUTINY?

Opposition Workers' Party lawmaker Kenneth Tiong said in a social media post a day after the Reuters report that Temasek's funds should not be used to prop up Air India via Singapore Airlines.

Temasek owns and manages its own assets and its reserves form part of Singapore's national reserves, which, Tiong argued, made Singaporeans indirectly stakeholders in the flag carrier.

The government has come out in strong defence of Singapore Airlines, and the matter was discussed in parliament on Tuesday.

Transport Minister Jeffrey Siow said investment decisions belonged to Singapore Airlines' board and that Singaporeans were not paying for the Air India investment. Siow also said Singapore Airlines had not sought further capital from shareholders.

Air India and Tata have not commented publicly on the funding request.

HOW HAVE TEMASEK AND SINGAPORE AIRLINES REACTED?

Temasek has said it views Singapore Airlines' investment in Air India from a long-term perspective and supported it.

Singapore Airlines on Tuesday said that its investments in India have been and will continue to be funded through internal resources, subject to board approval and a disciplined capital allocation framework. It described the stake as a long-term strategic commitment aligned with its multi-hub strategy.

WHY HAS IT STOKED RACIST ABUSE?

Senior Minister K. Shanmugam said over the weekend that news of the funding request had prompted anti-Indian abuse online, including suggestions that Temasek chief executive Dilhan Pillay Sandrasegara favoured Air India because of his Indian ethnicity. Shanmugam called such comments libellous and said the CEO was as Singaporean as anyone else.

Temasek did not respond to a request for comment.

Shanmugam said he had asked police to examine those comments and separate remarks about Singaporeans missing in flash floods abroad.

Prime Minister Lawrence Wong has also condemned the abuse, saying that seemingly legitimate arguments should not be used as cover for prejudice against any community or hostility towards foreigners.

(Reporting by Abhijith Ganapavaram; Editing by Aditya Kalra and Tomasz Janowski)

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** Nuvama upgrades India's Tata Power TTPW.NS to "buy" with TP of 363 rupees, says current market price has priced in Kleros arbitration overhang

** Shares of TTPW up as much as 1.8%

** Stock has fallen 8% after Kleros ruling, implying potential cash outgo of $490-$640 mln, says brokerage

** Current market price is less than bear case TP of 363 rupees, by factoring in full Kleros liability, not assigning any value to upcoming pumped storage project (PSP) and Bhutan project, says brokerage

** Adds, bull case TP of 421 rupees offers ~16% upside at current market price; pricing in emerging PSP, in-hand transmission projects, Bhutan hydroelectric project

** TTPW on avg rated "buy" by 24 analysts; median PT is 421 rupees - LSEG-compiled data

(Reporting by Abhirami G in Bengaluru)

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Aug 31 (Reuters) - Tata Power Company Ltd TTPW.NS:

• TATA POWER RENEWABLE ENERGY LTD- COMMISSIONS 100 MW GROUP CAPTIVE SOLAR PROJECT IN TAMIL NADU

Source text: ID:nnAZN4THBAW

Further company coverage: TTPW.NS

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** Shares of Tata Power TTPW.NS fall 3.2% to 352.25 rupees

** Kleros Capital Partners says a Singapore court dismisses TTPW's challenges to arbitration awards worth about $490 million in Kleros' favour

** TTPW is required to immediately pay a sum exceeding $640 million to Kleros, including interest

** Last year, Kleros last claimed TTPW breached confidentiality and non-circumvention clauses for proposed coal mining project in Russia

** The ruling is a negative development for TTPW, given the sizeable financial liability and potential cash, ICICI Securities says

** While the award is unrelated to its core India power operations, the quantum is material and could weigh on near-term earnings and cash flows, the brokerage adds

** TTPW will challenge the court ruling, the power producer said in a statement

** Avg rating of 24 analysts on TTPW at "buy"; median PT is 420 rupees - LSEG compiled data

** YTD, stock down 7.6%

(Reporting by Kashish Tandon in Bengaluru)

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The Singapore International Commercial Court dismissed Tata Power's challenge on August 26 to arbitral awards in its dispute with Kleros Capital Partners, finding no breach of natural justice or the fair-hearing rule. Tata Power said it would file an appeal with Singapore's Court of Appeal within 28 days. The arbitration was initiated by Kleros in November 2020, and the challenged awards were issued in July and August 2025. The Kleros award at issue was valued at USD490.3m, while Tata Power reported net debt of ₹56,122 crore at the end of FY26.

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Aug 26 (Reuters) - Tata Power Company Ltd TTPW.NS:

• KLEROS CAPITAL PARTNERS LIMITED: SINGAPORE COURT DISMISSES ALL OF TATA POWER'S CHALLENGES TO USD 490 MILLION ARBITRATION AWARDS IN FAVOUR OF KLEROS

• KLEROS CAPITAL PARTNERS - TATA POWER IS REQUIRED IMMEDIATELY TO PAY KLEROS A SUM NOW EXCEEDING USD 640 MILLION

Source text: ID:nPn2zDF4xa

Further company coverage: TTPW.NS

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Aug 24 (Reuters) - Tata Power Company Ltd TTPW.NS:

• TATA POWER COMPANY - COMMISSIONS 190.5 MW FDRE PROJECT IN RAJASTHAN

Source text: ID:nnAZN4TFX4T

Further company coverage: TTPW.NS

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Adds context and detail on the draft rules in paragraphs 2-11

By Sarita Chaganti Singh

NEW DELHI, Aug 14 (Reuters) - India on Friday proposed a tightly supervised approval regime for private nuclear power generation, opening the door to foreign reactor technologies with proven track records.

The draft rules and regulations offered the clearest picture yet of how New Delhi intends to open a tightly guarded sector to private and foreign investors, while retaining control over entry and operations, in line with global nuclear markets.

According to the draft rules under the nuclear energy act, companies would secure approval in principle to engage vendors, undertake preliminary development work and secure land before obtaining a formal licence.

Once licensed, projects would face stage-by-stage regulatory scrutiny covering design, siting, construction, commissioning and operation. The draft regulations propose oversight powers for regulators including the ability to halt work at key project stages.

India's nuclear industry has remained largely under state control, with access to foreign fuel and technology constrained for decades after its 1974 nuclear test explosion triggered international restrictions.

Last year, the country amended the nuclear energy act to allow private companies to build and operate projects, while retaining control over licensing and strategic nuclear materials.

The world's third-largest greenhouse-gas emitter aims to expand nuclear generation capacity 12-fold to 100 gigawatts (GW) over the next two decades, making private investment and foreign technology critical to meeting those ambitions.

Reuters reported earlier that India invited domestic private conglomerates including Adani Green ADNA.NS, Tata Power TTPW.NS and Reliance Industries RELI.NS to invest in nuclear power.

Changes to the nuclear energy act included capping liability of nuclear equipment suppliers in accidents, a longstanding concern. The move was aimed at reviving interest from foreign vendors such as General Electric GE.N, Westinghouse Electric and EDF EDFGN.UL.

The draft regulations, circulated for public consultation, allow reactor designs with established overseas operating records, requiring developers to submit licensing and operating experience in their home markets.

Nuclear power developers would be required to maintain financial security for nuclear liability, decommissioning and waste-management obligations, and submit plans for management of radioactive waste.

(Reporting by Sarita Chaganti Singh; Editing by Alison Williams and Cynthia Osterman)

(([email protected];))

Aug 13 (Reuters) - India's Tata Trusts said on Thursday that the trustees of the Sir Dorabji Tata Trust have passed a resolution to set up a selection committee to recommend a new chairman for Tata Sons.

The resolution comes a day after Chairman N. Chandrasekaran said he would not seek reappointment when his term ends in February 2027, following months of disagreements with Tata Trusts, the group's controlling shareholder.

(Reporting by Surbhi Misra in Bengaluru; Editing by Mrigank Dhaniwala)

(([email protected] | X: https://twitter.com/SurbhiMisra_ |;))

The author is a Reuters Breakingviews columnist. The opinions expressed are her own. Updates throughout to reflect Chandra's statement confirming his resignation.

By Shritama Bose

MUMBAI, Aug 12 (Reuters Breakingviews) - India's $290 billion Tata conglomerate has extended its abysmal record on managing succession. Its leader of nine years, N. Chandrasekaran, resigned on Wednesday ahead of an annual meeting next week where shareholders of the unlisted holding company, Tata Sons, may have ousted him. The exit of the first real outsider to run the 158-year-old group removes a distraction but also raises difficult questions about its future.

A row between Chandra and the charitable trusts that control the salt-to-power conglomerate became public in February over a mandate by the Reserve Bank of India to list Tata Sons. Chandra didn't see eye to eye with Tata Trusts Chair Noel Tata who opposed a listing. That led to a stalemate over his reappointment which made his position untenable.

The recent discord overshadowed Chandra's success in turning around large parts of the group. He deleveraged bloated balance sheets after inheriting serious problems at Tata Steel TISC.NS and Tata Motors TATM.NS. Annualised total shareholder returns from most listed group firms have beaten India's benchmark Nifty 50 stock index .NSEI since he took charge in 2017, prior to news of his departure.

But AI pressures have led to lagging returns at Tata Consultancy Services TCS.NS, the group's industry-leading IT outsourcer where he was previously CEO and which contributes 87% of Tata Sons' $3.4 billion annual dividend income. That will squeeze funds available to plough into unlisted businesses like the group's smartphone making venture with Apple AAPL.O and money-losing Air India, a carrier foisted on Chandra by the late Ratan Tata, former Tata Sons chair and chair emeritus.

Infighting also has delayed decision-making on other leadership issues: it took four months to name a CEO for Air India after Campbell Wilson stepped down in April, while rival IndiGo-owner InterGlobe Aviation INGL.NS replaced its chief within weeks in March. And the spat also has jeopardised the Tatas' philanthropic spending, which relies on dividends paid up through the holding company.

Worst of all, Chandra's departure is uncomfortably reminiscent of the 2016 ouster of his predecessor Cyrus Mistry. Back then, Ratan Tata swooped in as interim chair for four months before handing over to Chandra. His passing in 2024 has left the family's influence over the group in flux and the trusts under greater scrutiny, a test they are not passing with flying colours.

The 5% drop in Tata Consultancy shares on news of Chandra's departure underscores the ripple effect it will have across the group where he also chairs many individual companies. And it signals how the consequences of this second leadership disaster could force a bigger rethink on how the Tata group, with its unusual ownership structure, is managed.

Follow Shritama Bose on LinkedIn and X.

CONTEXT NEWS

N. Chandrasekaran on August 12 resigned as chair of Tata Sons, the Indian conglomerate's holding company, citing the absence of unanimous support from the board for his re-appointment.

In a personal statement, Chandrasekaran, known as Chandra, said one board member did not support his re-appointment at a February board meeting, noting six months have since passed without a resolution on the matter. Chandra added it is necessary to have a leader in place to run the group beyond February 2027, when his current term as chair ends.

Earlier in the day, The Economic Times, citing unnamed sources, reported Chandra had discussed the possibility of stepping down ahead of an annual general meeting scheduled for August 18 amid uncertainty over his reappointment as a director and tensions with Tata Trusts Chair Noel Tata.

Charitable trusts collectively own nearly two-thirds of Tata Sons. Two of ​them — Sir Ratan Tata Trust and Sir Dorabji Tata Trust — hold a 52% stake between them.

(Editing by Una Galani; Production by Ujjaini Dutta and Aditya Srivastav)

((For previous columns by the author, Reuters customers can click on BOSE/[email protected]))

July 30 (Reuters) - REC Ltd RECM.NS:

• REC - UNIT TRANSFERS RYAPTE POWER TRANSMISSION SHARES WORTH 108.7 MILLION RUPEES TO TATA POWER

Source text: ID:nNSE6x5t7v

Further company coverage: RECM.NS

(([email protected];;))

** Shares of Tata Power TTPW.NS rise 1.2% to 382 rupees

** Power generation firm's Q1 profit rises 11% Y/Y, aided by higher operating earnings and growth in its transmission and distribution segment

** Co eyes first solar exports to Europe as EU seeks to diversify supply chain beyond Chinese manufacturers

** Ambit Capital says strength in co's regulated generation and Mundra operations offset losses in third-party EPC and Tata Projects

** Ambit expects co to be one of the relative outperformers this earnings season

** Stock rated "buy" on avg; median PT 430 rupees - data compiled by LSEG

** Stock down 0.5% YTD

(Reporting by Aleef Jahan in Bengaluru)

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Tata Power reported a consolidated net profit of ₹1,401 crore for the June quarter, up 11% from a year earlier, while revenue rose 8% to ₹18,898 crore. The company also disclosed that it had secured a letter of intent from REC Power Development & Consultancy for an intra-state transmission project in Karnataka. The project involves building 491 circuit kilometres of transmission lines at an estimated cost of over ₹4,000 crore, taking Tata Power's total transmission portfolio to 7,894 ckm. The LOI marks a significant expansion of the company's regulated transmission business.

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NEW DELHI, July 27 (Reuters) - India's Tata Power is targeting its first exports of solar equipment including cells and panels to Europe, CEO Praveer Sinha said on Monday, as the European Union seeks to diversify its supply chain beyond Chinese manufacturers.

• More than 95% of solar modules installed in the EU are imported, with China supplying about 94% of its modules and cells in 2023, according to consultancy firm Green Horse Advisory.

• Italy last year opened up imports for solar projects built without equipment manufactured in China under the European Union's Net-Zero Industry Act, aiming to reduce the bloc's reliance on low-cost Chinese renewable energy components.

• In response to a question about the Italian opening, Sinha said on a post-earnings media call that Tata Power sees 2-3 gigawatts of export opportunity to one country, without giving further details.

• The company has capacity to manufacture 4.9 GW of integrated cells and modules, and is aiming to build capacity to manufacture up to 10 GW of solar ingots and wafers.

• India has nearly 200 GW of module-making capacity and about 30 GW of cell capacity, according to government estimates, and many Indian module makers are eyeing exports to Europe.

• India and the European Union struck a trade deal early this year that slashed tariffs on most goods, aiming to boost two-way trade.

(Reporting by Sethuraman NR; Editing by Jan Harvey)

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By Sethuraman N R

NEW DELHI, July 22 (Reuters) - India said on Wednesday it has advanced plans for indigenous small modular reactors, and is aiming to bring at least five into operation by 2033 as the country moves towards lower dependency on fossil-based power generation.

The Bhabha Atomic Research Centre is developing a 220-megawatt Bharat Small Modular Reactor, a 55-MW reactor and a high-temperature gas-cooled reactor designed to produce hydrogen.

The Atomic Energy Commission had approved Tarapur in Maharashtra as the site for both the 220 MW and 55 MW projects, an atomic energy department minister Jitendra Singh said in a written reply to the country's parliament.

India, which is keen to expand its use of clean energy, last year opened its nuclear generation sector to domestic and foreign firms in the private sector. It aims to expand nuclear capacity to 100 GW by 2047 from about 8.8 GW at present.

India plans to increase its installed nuclear capacity to about 22 GW by 2031-32, with small reactors expected to play a role in the planned expansion, the minister said.

Small modular reactors are being developed by several countries, including the U.S., Russia and South Korea, and are seen as a viable option for supply of clean energy to industries.

State-run Nuclear Power Corp of India, currently India's sole operator of nuclear plants, aims to have 50 GW of capacity while the country's top coal plant operator NTPC NTPC.NS, also state-run, is aiming for 30 GW of nuclear capacity.

Conglomerates such as Adani Group and several other private companies including Tata Power TTPW.NS and Reliance Industries RELI.NS are looking at investing in the sector.

(Reporting by Sethuraman NR;
Editing by Alison Williams)

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NEW DELHI, July 20 (Reuters) - India's coal-fired power plants have sufficient coal stocks to run for about two weeks at higher operating rates, easing concerns about fuel shortages amid rising electricity demand and below-average monsoon rainfall.

• Coal stocks at power plants stood at 42.8 million tonnes as of July 12, enough for 14 days of operation at an 85% plant load factor, the power ministry said in a reply to parliament on Monday.

• Utilities are also getting sufficient coal supplies to meet their daily requirements, it added.

• India's peak power demand surged last week to nearly 270.1 gigawatts (GW), driven by higher cooling demand as an El Nino pattern contributed to weaker rainfall.

• India's peak power demand had reached 270.2 GW in May, and the government expects it to touch 280 GW this year due to the absence of stronger monsoon rains.

• Coal remains the backbone of India's power system despite the country's aggressive renewable energy expansion.

• Coal and lignite-fired plants accounted for 69.5% of electricity supplied during April-June and generated about 75% of power during non-solar peak-demand hours, according to the ministry.

• The government has intensified coordination among the coal, power and railway ministries to monitor supplies and prioritize coal transportation to power stations, the power ministry said.

• India added 9.47 GW of coal-fired generation capacity in 2025-26 and a further 2.26 GW between April and July, helping support record electricity demand, the government said.

(Reporting by Sethuraman NR; Editing by Susan Fenton)

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MUMBAI, July 13 (Reuters) - India's Tata Power TTPW.NS has accepted bids worth 15 billion rupees ($156.8 million) for bonds maturing in five years, three bankers said on Monday.

It will pay a coupon of 7.50%, and had invited commitment bids for the issue earlier in the day, they said.

Tata power did not immediately respond to a Reuters email seeking comment.

Here is the list of deals reported so far on July 13:

*Size includes base plus greenshoe for some issues

($1 = 95.6400 Indian rupees)

(Reporting by Khushi Malhotra and Dharamraj Dhutia; Editing by Varun H K)

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MUMBAI, July 10 (Reuters) - India's Tata Power Company TTPW.NS plans to raise 15 billion rupees ($157.26 million) through a sale of bonds maturing in five years, two merchant bankers said on Friday.

The company will pay an annual coupon of 7.50% on this issue and has invited bids on Monday, the said.

The company did not reply to a Reuters email seeking comment.

Here is the list of deals reported so far on July 10:

*Size includes base plus greenshoe for some issues

($1 = 95.3850 Indian rupees)

(Reporting by Dharamraj Dhuti; Editing by Sonia Cheema)

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July 3 (Reuters) - Tata Power Company Ltd TTPW.NS:

• TATA POWER RENEWABLE ENERGY LIMITED- COMMISSIONS 100.8 MW JEWALI WIND PROJECT IN MAHARASHTRA

Source text: [ID:]

Further company coverage: TTPW.NS

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June 25 (Reuters) - Suzlon Energy Ltd SUZL.NS:

• SUZLON ENERGY LTD - GETS EPC CONTRACT FOR 400 MW WIND ENERGY PROJECT

Source text: [ID:]

Further company coverage: SUZL.NS

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Recasts and writes through with details on Adani's nuclear plans

By Sethuraman N R and Abinaya V

NEW DELHI/BENGALURU, June 24 (Reuters) - Adani Group outlined its ambitions to be a major player in India's nuclear power on Wednesday, saying it intends to build as much as 10 gigawatts of capacity by 2035 which would likely make it the country's biggest private-sector operator.

"Our entry into nuclear energy through Adani Atomic Energy is another confident step towards securing India's long-term energy future," Gautam Adani, the conglomerate's chairman, said at the group's annual general meeting.

India, which is keen to expand its use of clean energy, last year opened its nuclear generation sector to domestic and foreign firms in the private sector. It aims to expand nuclear capacity to 100 gigawatts by 2047 from about 8 gigawatts at present.

State-run Nuclear Power Corp of India, currently India's sole operator of nuclear plants, aims to have 50 GW of capacity while the country's top coal plant operator NTPC NTPC.NS, also state-run, is aiming for 30 GW of nuclear capacity.

Adani would likely be the third-biggest operator of nuclear plants. Several other private companies including Tata Power TTPW.NS and Reliance Industries RELI.NS are looking at investing in the sector.

The Adani group has identified land for the projects, but did not disclose details, including where the projects might be located.

Adani said the conglomerate's data centre business is on track to build 3 GW of capacity by 2030. The group is also ramping up its piped natural gas projects to meet India's rising demand for gas.

India's gas supplies have been disrupted due to global shipping constraints after the U.S. and Israel's war with Iran halted traffic through the Gulf and the Strait of Hormuz.

Shares of Adani Enterprises ADEL.NS, the group's flagship firm, rose 2.3% on Wednesday.

(Reporting by Sethuraman NR and Abinaya V; additional reporting by Kashish Tandon in Bengaluru; Editing by Rashmi Aich and Edwina Gibbs)

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June 23 (Reuters) - Tata Power Company Ltd TTPW.NS:

• TATA POWER COMPANY - EXTENDS VALIDITY OF DIRECTIONS FOR MUNDRA THERMAL PLANT TO SEPTEMBER 30, 2026

Source text: ID:nNSE3cgVmS

Further company coverage: TTPW.NS

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