Credit rating agency, CARE has revised rating of Electrosteel Steels’ Long-term Bank Facilities worth Rs 8,356.3 crore from D to B and Short-term Bank Facilities worth Rs 850.0 crore from D to A4. The rating agency has also revised rating of company’s Long-term/Short-term Bank Facilities worth Rs 750.0 crore from D/ D to B/ A4.
The ratings derive strength from the experienced promoter group, strategic equity investors with reputed Technical-cum-financial collaborator with assured off-take agreement for the DI pipes and Pig iron, captive mines (coking coal and iron ore) of the group.
Electrosteel Steels is engaged in the manufacturing solutions for water supply and sewerage systems. ECL has been certified for ISO 9001:2000 standard by different bodies such as IRQS and BSI for the manufacture of DI pipes for water, sewerage, gas and ash transportation.
| Company Name | CMP |
|---|---|
| Tata Steel | 212.05 |
| JSW Steel | 1239.90 |
| SAIL | 173.50 |
| Jindal Stainless | 787.90 |
| APL Apollo Tubes | 2105.45 |
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