Published on June 10, 2025
Tata Power hosted the 11th Treasury Forum Meet at its Mumbai office, welcoming over 80 participants from more than 27 Tata group companies. The forum, facilitated by the Tata Business Excellence Group (TBExG), provided a platform to exchange ideas, learn from expert perspectives, and explore the evolving role of the treasury function in a rapidly changing business environment.
The case for a strong industrial policy
The session opened with a welcome note from S Kasturi, Chief-Treasury, Tata Power, who introduced the keynote speaker, Kapil Gupta, Chief Economist, Nuvama Institutional Equities. Kapil offered a compelling analysis of India’s economic landscape amidst global uncertainties. While Indian banks and corporates remain resilient, he noted, demand continues to lag, reflected in muted GDP growth and weak exports. Drawing a comparison with China’s export-led industrial strategy, Kapil stressed on the urgent need for India to adopt a strategic industrial policy to fully harness the country’s demographic and financial potential.
Learnings from the world of coffee
In a unique interlude, participants were treated to a sensory coffee experience led by Atul Jadhav, Tata Starbucks. Through the story of Starbucks’ evolution and the introduction of the India Estate Blend—a premium, shade-grown Arabica cultivated in Coorg and Chikmagalur—the session drew a thoughtful parallel between the art of coffee tasting and the discipline of treasury strategy, touching on themes of risk evaluation, strategic perspective, focus alignment, and clear communication.
Financing the energy transition
The Treasury Forum also featured a deep dive into renewable energy financing. Gautam Attravanam, Head-Corporate Treasury (Debt/Fund Raising), and Pradeep Poojari, Head- Treasury (RE & T&D), Tata Power, presented the company’s approach to long-term financing of renewable energy projects through instruments such as Capex LCs, listed NCDs, and external commercial borrowings (ECBs) from institutions like the US-DFC and multilateral development banks. While these instruments offer competitive pricing and long tenures, they also demand rigorous due diligence and compliance. The session reinforced the company’s focus on sustainable, scalable, and inclusive energy development.
A digital future for treasury
In a thought-provoking session on the ‘Future of Treasury’, Hemal Shah, Partner-Treasury Consulting, Technology and Transformation, EY, explored how Indian corporate treasury functions can transform through digitalisation, automation and AI. He introduced a four-stage maturity model moving from Excel-based workflows to AI-powered decision-making, supported by use cases in areas like cash forecasting, fraud detection, trade finance, and investment analysis. Hemal underlined the need for centralised data systems and ongoing skill development to enable this shift.
In his closing address, Devraj Chattaraj, GM, TBExG, thanked the speakers and participants for their contributions. He emphasised the importance of forums like this in driving continuous improvement across Tata companies.