Credit rating agency, ICRA has downgraded rating of fund based limits worth Rs 3,141 crore and non fund based limits worth Rs 5,824 crore of BGR Energy Systems to A- (stable). The rating agency has also downgraded the company’s non fund based limits worth Rs 131 crore to A2+ (stable).
Earlier in November, 2011, the company had been awarded an EPC contract for setting up 2 x 300 MW coal based thermal power project by TRN Energy, New Delhi. The order was valued at Rs 1,698 crore. The turn key contract completion schedule will be 29 months for unit I and 32 months for unit II.
BGR Energy Systems (BGRESL) is engaged in supplying of systems and equipment and contracting turnkey engineering project. The company started as a joint venture between GEA Energietechnik GmbH, Germany and the promoter B G Raghupathy in order to produce and sell on-line condenser tube cleaning systems, debris filters and rubber cleaning balls used in thermal and nuclear power plants.
