Tata Motors aims to reduce its total automotive debt to ‘near-zero levels’ in three years and generate free cash flows from 2021-22 onwards, chairman N. Chandrasekaran said on Tuesday.

However, the company’s management had to face flak from several shareholders on various issues, including non-payment of dividend for four years in a row.

Chandrasekaran, while addressing shareholders at Tata Motors’ 75th annual general meeting, said the company would look to unlock non-core investments in order to deleverage business, but asserted that neither the passenger vehicles business JLR is being sold.

“Currently, Tata Motors Group has a net automotive debt of Rs 48,000 crore and we are deleveraging this business substantially,” he said. “We have set a target to significantly bring down the debt and come to near-zero debt levels in the next three years.”

The company has initiated steps towards this and and set a target to generate positive free cash flows from 2021-22 onwards, he added.

Chandrasekaran said overall investments of the group have reduced by close to 50 per cent this fiscal.