India Ratings Upgrades Runaya Refining to ‘IND BBB+’/Positive
National, August 03, 2022: India Ratings and Research (Ind-Ra) has upgraded Runaya Refining LLP’s (RRL) Long-Term Issuer Rating to ‘IND BBB+’ from ‘IND BBB’ with 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 upgrade also considers the commissioning of aluminium dross processing facilities at VL’s subsidiary Bharat Aluminium Company Ltd’s (BALCO) Korba (Chhattisgarh).
Runaya Refining is the fastest growing green manufacturing start-up (recognized by the Department for Promotion of Industry and Internal Trade under Green Technology Industry and Waste Management sector) and a limited liability partnership incorporated in 2017 by disruptive young leaders, Annanya Agarwal and Naivedya Agarwal. It has set up hot dross processing & refining facility for the extraction of Aluminium metal. Runaya’s eco-friendly technology for dross processing recovers aluminium that is certified to be an ultra-low Product Carbon Footprint (PCF) aluminium and it also manufactures aluminium oxide briquettes using waste from Vedanta’s aluminium smelter.
Mr. Annanya Agarwal, Co-Founder, and CEO, 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”.
Runaya is advancing its footprints by providing its unique and innovative solution addressing key challenges of handling, processing, and disposing of Aluminium Dross (hazardous waste) into a value proposition by recovering aluminium and converting balance dross into value-added product (environmentally friendly manner with zero waste and zero discharge). Presently, Runaya’s innovative
process caters to 67% of the country’s primary aluminium manufacturers facilities with highest customer recognition and value accreditation.