Unjustified and unwarranted: Reliance Power on ICRA’s rating revision

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Published: July 22, 2019 1:17:38 AM

The firm continues to show strong operational performance.

Reliance Power, along with VIPL, has achieved a standstill for 180 days to implement the resolution plan with 100% of its lenders, as per the RBI circular, it said.

Reliance Power has said it “disagrees” with the revision in its long-term and short-term ratings of the company along with its subsidiary Vidarbha Industries Power (VIPL) to ‘D issuer not cooperating by Icra’. “The action taken by Icra is completely unjustified and unwarranted,” it said.

Reliance Power, along with VIPL, has achieved a standstill for 180 days to implement the resolution plan with 100% of its lenders, as per the RBI circular, it said.

The firm continues to show strong operational performance. Sasan UMPP recorded highest PLF in the country at 95% in FY19. Rosa Power Project has been operating at high availability of 89% during the corresponding period, it said.

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