Media reports suggest that the top management of Tata Motors (TML) at its recent AGM expressed an intent to reduce automotive debt (~| 48,000 crore as of FY20) to near zero levels in the next three years. This follows the recent guidance of turning JLR, Indian operations sustainably FCF positive (from FY22E, FY21E respectively). While the intent is encouraging, we remain slightly circumspect about the deleveraging timeline, given that positive FCF from FY22E will continue to be accompanied by critical capex for new product development and new age technologies i.e. ACES. As per our...