Godawari Power And Ispat Ltd.

Credit rating agency, CARE has revised rating assigned to Godawari Power & Ispat’s long term bank facility from ‘BB+’ to ‘BBB-’ worth Rs 1503 crore and short term rating of the company from ‘A4+’ to ‘A3’ worth Rs 89.34 crore. Total bank loan facilities worth Rs 1592.34 crore.

The rating agency also revised rating assigned to company’s Non-Convertible Debentures from ‘BB+’ to ‘BBB-’ worth Rs 54.65 crore.

Godawari Power & Ispat is engaged in the production of sponge iron, steel billets, ferro alloys, HB wires, oxygen, fly ash bricks and is also in the power business. GPIL is a flagship company of Raipur-based Hira Group of Industries, which is an integrated steel manufacturer and is having dominant presence in the long product segment of the steel industry; mainly into mild steel wire.