Last year i.e., 2020, at its annual general meeting, Tata Motors had announced its aim to become a debt free company within the next three years.
Timelines seems to have shifted by a year.
However, given Covid related disruptions, it’s still acceptable.
For reference, the Company reported a Gross debt of Rs 1,50,211 crore and net debt of Rs 61,286 crore as on June 30, 2021.
The firm is confident of reducing debt because of the improved free cash flows both due to operational improvements and better working capital management.