Credit rating agency, ICRA has reaffirmed the long term rating of ‘BBB-’ to the Rs 31.00 crore cash credit facilities of Eastern Gases (EGL). The outlook on the long term rating is stable. The rating agency has also reaffirmed the short term rating of ‘A3’ to the Rs 12.00 crore non fund based bank facilities of the company.
The reaffirmation of the ratings takes into account the established position of the company as one of the largest parallel marketers of Liquified Petroleum Gas (LPG) in Eastern India and favourable outlook for LPG owing to the growing demand from industrial and automobile segments.
EGL started commercial production from its production facility at Durgapur in 1998. The company is presently involved in the bottling and marketing of LPG to industrial consumers through bulk supplies and in cylinders through distributors/ dealers under the brand name of “East Gas”.
