dye pull the plug on springtree , page-31

Hi Andre,

My interpretation from AGM comments is that TATA has now 'reset the goal'. If the intention was to begin production by a fixed date I think that they would have said so.

To say that production is now dependent on achieving grid parity to me is a nice way of saying 'that there is no longer a planned start date' as this has not yet been achieved.

Managements inability to secure a reasonable financing arrangement and market response seems to support this view unfortunately.