Key Highlights:
- Exits from corporate debt restructuring mechanism
- CARE assigns BBB- credit rating for long term bank facilities and A3 credit rating for Short Term Bank Facilities
- SE Forge continues to demonstrate strong revival and is moving forward on a growth path.
Speaking on the occasion, Mr. Kirti Vagadia, Chief Financial Officer, Suzlon Group said: “The exit from the CDR as well as the investment grade rating for SE Forge gives us the required financial flexibility to capture the increased business opportunities at SE Forge and to reduce its interest cost significantly. We are thankful to our lenders for their continued faith in us. Exiting from CDR arrangement within the envisaged time frame marks a significant step forward for SEFL.
The rating and the CDR exit demonstrates improvement in the liquidity profile, scale of operations and profitability of SE Forge. This clearly highlights that SE Forge is on a path of resurgence and demonstrates our restored credibility on the back of significant debt reduction, strong industry outlook and our order-book and pipe-line. Government’s clear thrust on renewables and our constant efforts to lower the cost of energy has resulted into a favorable business outlook for the sector.”
