Credit rating agency, Credit Analysis & Research (CARE) has revised rating of Welspun India’s long term bank facilities worth Rs 2,437.43 crore to ‘A+’ from ‘A’. Further, the rating agency has reaffirmed ‘A1’ rating to company’s short term bank facilities worth Rs 429.85 crore.
The revision in the long-term rating factors in sustained improvement in the profitability following restructuring of Welspun India’s (WIL’s) global and Indian operations as well as increasing level of vertical integration on the back of completion of phase 1 of expansion-cum-backward integration project and satisfactory progress made in the phase 2 of the ongoing project.
Welspun India is one of the largest manufacturers and exporters of bed & bath textile products globally. WIL’s portfolio comprises wide range of home textile products such as terry towels, bed linen (basic bedding and decorative bedding) rugs and bathrobes.
