India Ratings and Research (Ind-Ra) has upgraded Runaya Refining LLP’s (RRL) Long-Term Issuer Rating to ‘IND BBB+’ from ‘IND BBB’ with a positive outlook. Additionally, its short-term limits have been Upgraded to IND A2.
The upgrade reflects the improvement in net leverage in FY22 and 1QFY23 on the back of higher dross processing volumes and operating profitability. The promotion also considers the commissioning of aluminium dross processing facilities at VL’s subsidiary Bharat Aluminium Company Ltd’s (BALCO) Korba (Chhattisgarh).
Annanya Agarwal, Co-Founder and CEO of Runaya, said, “We are committed to building an AtmaNirbhar Bharat by implementing an innovative and sustainable model to eliminate waste and recover metal”.
Runaya is providing solutions addressing the challenges of handling, processing, and disposing of Aluminium Dross (hazardous waste) into a value proposition by recovering aluminium and converting balance dross into a value-added product (environmentally friendly) with zero waste and zero discharge).