Runaya Refining LLP has bagged greater credit ratings of ‘IND BBB+ from India Ratings and Research (Ind-Ra) as against the former ratings of ‘IND BBB’, while its short-term limits have been upgraded to IND A2.
The advancement in credit ratings represents Runaya's improvement in net leverage for FY2022 and 1QFY2023 on the back of higher dross processing volumes and operating profitability. The commissioning of aluminium dross processing facilities at Vedanta’s Limited’s subsidiary Bharat Aluminium Company Ltd’s (BALCO) Korba (Chhattisgarh) also played an imported factor.
Runaya Refining was formed in 2017 by Annanya Agarwal and Naivedya Agarwal, sons of Navin Agarwal, Chairman of Vedanta Limited, India’s leading aluminium producer, to capture the market of aluminium dross.
The company has hot dross processing and refining facility for the extraction of aluminium metal. It also creates and supplies innovative solutions to the manufacturing sector addressing the challenges of handling, disposing and processing of aluminium dross into a value proposition by recovering aluminium and transforming the balance dross into value-added products with zero waste.
On receiving greater ratings, Annanya Agarwal, Co-Founder and CEO of Runaya, said: “At Runaya Refining, we are continuously striving to innovate and bring in green solutions for recovery of aluminium and processing residual waste from aluminium smelters. This upgrade is a testimony towards our constant undertakings which also encourages us to bring more technology-enabled sustainability initiatives and further strengthen our growth story across the country. We are also committed towards building an AtmaNirbhar Bharat by implementing an innovative and sustainable model to eliminate waste and recover metal.”
Currently, Runaya serves 67 per cent of India’s primary aluminium producers with its advanced solutions, securing highest customer recognition and value accreditation.
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