India Ratings and Research upgrades Runaya Refining outlook to positive

Runaya Refining LLP on Tuesday said India Ratings and Research has upgraded the outlook on the company to positive from stable.

"India Ratings and Research announced that it has upgraded Runaya Refining LLP's outlook to 'positive' from 'stable' while affirming its long-term issuer rating at 'IND BBB-'," the company said in a statement.

The affirmation reflects the successful completion of Runaya's hot dross plant at Jharsuguda, Odisha and the successful trial run of its slag conditioner, the company said.

"The rating will be further upgraded on full commissioning of the plant and achieving net debt to EBITDA of 2.5x which is expected to be achieved by Q3FY21 and Q4 FY21 respectively," it said.

The revision in the outlook by India Ratings and Research underlines the rapid strides that Runaya Refining has been making towards technology-enabled sustainability initiatives, Runaya Refining CEO Annanya Agarwal said.

"As we look towards increasing our scale of operations, we are delighted by the upgraded rating that Runaya has received and we look forward to subsequent rating upgrades," Agarwal said.

Founded by Naivedya and Annanya Agarwal (sons of Vedanta Ltd Vice-Chairman Navin Agarwal, Runaya's portfolio includes sustainability processing solutions for the aluminum industry, minor metals recovery, gas atomised metallurgical powders and other semi-finished products for the telecommunication cable and aluminum industries.