Summary:
India Ratings and Research announced that it has upgraded Runaya Long-term Issuer Rating to ‘IND BBB’ from ‘IND BBB-’ with ‘Positive’ outlook. As per the rating agency, the upgraded rating has been awarded to Runaya on the back of substantial improvement in operational performance. The upgrade reflects the timely commissioning of the patented Dross processing and Aluminium recovery Plant and value added slag conditioner plant during FY21. With the positive outlook on the enhanced rating and substantial improvement in the financial performance including commissioning of another facility in the third quarter of FY22 further rating upgrade is expected. In addition to ground support products, Runaya’s portfolio includes sustainability processing solutions for the aluminium industry, minor metals recovery, gas atomized metallurgical powders and other semi-finished products for the telecommunication cable and aluminium industries..