CARE assigns ‘BBB-’ rating to Geecee Ventures’ Long term bank facilities

11 Aug 2014

Credit rating agency, CARE has assigned ‘BBB-’ rating to Geecee Ventures’ Long term bank facilities worth Rs 65 crore. The rating assigned to the long-term bank facilities of GeeCee Ventures (GCVL) factors in the strong track record of the contractors/consultants appointed for the project, prime location of the project, availability of all the approvals required for the execution of the project and significant liquidity available with the company.

GeeCee Ventures (formerly Gwalior Chemical Industries), flagship company of the GeeCee group, was initially engaged in chemical business (manufacturing unit at Nagda, Madhya Pradesh) catering to both the domestic and international markets. In 2010, the company purchased five windmills in Rajasthan with an aggregate generation capacity of 5.35 MW for Rs 27 crore funded from the proceeds of sale of chemical business. Eventually, the company entered into real estate business by acquiring a land on lease basis from CIDCO at a consideration of Rs.101 crore at Ghansoli, Navi Mumbai.

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