>TATA POWER COMPANY LIMITED (MF GLOBAL)

Investment Rationale

■ Rich experience in the power sector is reflected in the business model that Tata Power has developed. The model ensures stable profits, coupled with growth on account of capacity expansion and merchant upsides.

• Adopts a healthy mix of asset types evolving in the sector.
• Integrated vertically and into related business like T&D, coal mining, etc.

■ Robust project pipeline, with a track record of timely project execution, ensures visibility to future earnings.

Risks

• Project execution delays.
• Fuel shortages.
• Change in the regulatory environment.

To see full report: TATA POWER