Credit rating agency, ICRA has upgraded ratings of VRL Logistics’ term loan of Rs 221.75 crore to ‘BBB’/Stable from ‘BB+’/stable. The rating agency has also upgraded rating of the company’s fund based of Rs 109.57 crore to ‘BBB’/stable from ‘BB+’/stable.
VRL was founded in 1976 in Gadag, a small town in North Karnataka with a single truck and a vision that was way ahead of its time. The company gradually expanded its services to Bangalore, Hubli and Belgaum. From this humble beginning the company has grown into a nationally renowned logistics and transport company which is also currently the largest fleet owner of commercial vehicles in India with a fleet of 4077 Vehicles (Including 373 Passenger Transport Vehicles & 3704 Goods Transport Vehicles amongst others).