Credit rating agency, CARE has revised rating of Sujana Towers’ long term bank facilities worth Rs 1420.24 crore to ‘D’ from ‘B+’. The rating agency has also revised rating of company’s short term bank facilities worth Rs 200.02 crore to ‘D’ from ‘A4’. The revision in the ratings assigned to the bank facilities of Sujana Towers (STL) factors in delays in the debt servicing on account of the stretched liquidity position of the company.
Sujana Towers is engaged in manufacturing of galvanized steel towers used in the power transmission and telecom tower sector. The company is a part of the Sujana group which is into diversified business activity with presence in construction & structural steel, power transmission & telecom towers and allied services, energy (generation, distribution, green energy consulting and manufacture of energy saving LEDs), basic and urban infrastructure development, precision engineering components, domestic appliances and international trade.
