India Ratings and Research upgrades Runaya Refining outlook to positive

Topics Runaya | India Ratings

Runaya Refining LLP on Tuesday said India Ratings and Research has upgraded the outlook on the company to positive from stable.

"India Ratings and Research announced that it has upgraded Runaya Refining LLP's outlook to 'positive' from 'stable' while affirming its long-term issuer rating at 'IND BBB-'," the company said in a statement.

The affirmation reflects the successful completion of Runaya's hot dross plant at Jharsuguda, Odisha and the successful trial run of its slag conditioner, the company said.

"The rating will be further upgraded on full commissioning of the plant and achieving net debt to EBITDA of 2.5x which is expected to be achieved by Q3FY21 and Q4 FY21 respectively," it said.

The revision in the outlook by India Ratings and Research underlines the rapid strides that Runaya Refining has been making towards technology-enabled sustainability initiatives, Runaya Refining CEO Annanya Agarwal said.

"As we look towards increasing our scale of operations, we are delighted by the upgraded rating that Runaya has received and we look forward to subsequent rating upgrades," Agarwal said.

Founded by Naivedya and Annanya Agarwal (sons of Vedanta Ltd Vice-Chairman Navin Agarwal, Runaya's portfolio includes sustainability processing solutions for the aluminum industry, minor metals recovery, gas atomised metallurgical powders and other semi-finished products for the telecommunication cable and aluminum industries.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel