According to reports, the stock of Moser Baer will be in spotlight this week as Tata Power Delhi Distribution Ltd, a joint venture between Tata Power Company and the Delhi Government, has called for “debarring of Moser Baer Photo Voltaic Ltd for poor performance of solar projects.”
Tata Power DDL in a letter to the Ministry of New and Renewable Energy said that it had awarded three solar projects to Moser Baer Photo Voltaic Ltd, a unit of the Moser Baer group. “The performance of the solar plants installed by them has not been up to the industry standards,” the letter says. Moser Baer, however, said, “We have reached an agreement on resolving the issue and the same is under execution.”
Meanwhile, the company has called for a meeting of foreign bondholders (FCCBs) on August 31 to restructure the commercial terms of the bonds. The aggregate principal amount outstanding for FCCBs is $88,500,000 (about Rs 500 crore).