Credit rating agency, CARE has reaffirmed ‘A+’ rating to Gujarat Industries Power Company’s (GIPCL) Long-term Bank Facilities worth Rs 3,963.54 crore and ‘A1+’ rating to company’s Short-term Bank Facilities worth Rs 775.00 crore.
The rating agency has also reaffirmed ‘A+/A1+’ rating to company’s Long-term/ Short-term Bank Facilities worth Rs 220.26 crore.
The ratings continue to draw strength from the strong parentage of GIPCL, long-term Power Purchase Agreement (PPA) with its off-takers having healthy financial risk profile leading to low counter-party credit risk, low fuel supply risks due to its captive lignite mines with adequate mineable reserves.
Gujarat Industries Power Company, incorporated in 1985, is engaged in business of power generation. The company is also engaged in conducting research and development operations such as identification and completion of geological survey work at chosen site and conducting seismic survey for mapping of lignite deposits at said area.
