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| Rating Rationale |
| May 19, 2021 | Mumbai |
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Detailed Rationale
CRISIL Ratings has assigned its 'CRISIL AAA/Stable’ rating to the long-term borrowing programme of Power Grid Corporation of India Ltd (PGCIL). The ratings on the remaining debt programmes and bank loan facilities have been reaffirmed at 'CRISIL AAA/Stable/CRISIL A1+'.
The rating on bonds worth Rs 5,080.52 crore (see Annexure 'Details of Rating Withdrawn') has been withdrawn, as the instruments have been fully redeemed. The action is in line with CRISIL Ratings’ policy on withdrawal of ratings.
As the company is in the power transmission sector, which is an essential service, operations were unaffected by the nationwide lockdown imposed by the government to contain the Covid-19 pandemic. However, there were delays in receipt of payments from power distribution companies (discoms). Monthly collection efficiency, which is usually over 95%, fell to around 50% in the first quarter of fiscal 2021. However, with the lifting of lockdown restrictions as well as the liquidity injection for discoms announced by the Ministry of Finance, collection efficiency increased to over 100% from July 2020 and averaged around 95% for the nine months ended December 31, 2020.
In January 2021, the company sponsored the Powergrid Infrastructure Investment Trust (Powergrid InvIT; rated ‘Provisional CCR AAA/Stable’). It will divest five of its operational transmission assets to the InvIT and is expected to receive around Rs 8,000 crore in the transaction. These funds should support future capital expenditure (capex) requirement. The planned capex of Rs 7,500 crore for fiscal 2022 would be partly funded by debt.
The ratings continue to reflect strong operating metrics, as seen in line availability continuing to exceed the normative level of 98% and the high collection efficiency. Revenue growth should remain steady over the medium term, supported by healthy capitalisation. These strengths are partially offset by the weak credit risk profiles of customers
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Analytical Approach
For arriving at the ratings, CRISIL Ratings has combined the business and financial risk profiles of PGCIL and its subsidiaries, as the companies are in the same business and under a common management. Strategic importance to the Government of India (GoI) has also been factored into the ratings, because of the critical role the company plays in inter-state power transmission.
Please refer Annexure - Details of Consolidation, which captures the list of entities considered and their analytical treatment of consolidation.
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Key Rating Drivers & Detailed Description
Strengths:
* Strategic importance to the government
The company plays a vital role in the development of India’s power sector. It owns about 85% of the interstate transmission network, and carries around 45% of total power generated in the country. Moreover, the strong project implementation capability should help to ensure that projects of strategic importance, of compressed implementation timelines, or involving difficult terrain or other complexities, will continue to be awarded to the comany on nomination basis. In the past, the government has extended equity support for capex and has also guaranteed loans availed from multilateral lending agencies.
* Favourable regulatory framework, ensuring secured and stable cash flow
The regulatory framework is structured by Central Electricity Regulatory Commission (CERC), which helps to generate stable revenue and cash flow. Tariff recovery is linked to transmission network availability maintained by the company and is not impacted by actual power transmitted through the network that could be extraneous to its control. Also, the tariff structure ensures recovery of all expenses, including debt-servicing charges, and provides for a fixed return on equity (RoE), if the company adheres to operational benchmarks. The tariff structure also ensures recovery of annual obligation for debt contracted to finance capex in transmission projects and funded in a debt-to-equity mix of 70:30.
Currently, a large part of the asset base is on the regulated RoE structure, resulting in secured and stable cash flow, mitigating any immediate pressure on profitability from increased participation of private sector players through the competitive bidding route.
* Strong operating efficiency, resulting in full recovery of cost
Strong operating efficiency has helped surpass operational benchmarks set by CERC—system availability was over 99% in fiscal 2020, against the benchmark of 98%. As per the regulator’s stipulation, this ensured recovery of the entire cost, including debt-servicing charges, and provided for RoE. The regulated tariff structure and superior operating efficiency lend stability to cash flow. As the company owns and manages most of the inter-regional transmission network, its customer profile is diversified, reducing counterparty concentration risk.
* Healthy financial flexibility supported by strong cash accrual
Cash accrual of over Rs 17,000 crore per fiscal provides significant flexibility to raise funds despite a leveraged capital structure. The cash accrual is backed by a regulated tariff structure, which ensures recovery of all expenses, including repayment of loans, and strong operating efficiency. To fund its projects, the company contracts long-term debt for a tenure of 10 years and more. Debt servicing begins only after new projects become operational and start generating revenue. Furthermore, the tariff structure for the assets won through nomination ensures recovery of the amount of debt repaid as approved by CERC every year. Thus, there is no asset-liability mismatch.
Weakness:
* Weak credit risk profiles of customers
State power utilities (SPUs), which account for the entire revenue, are the weak link in the value chain from a credit profile perspective. The risk is mitigated by strong collection efficiency with SPUs paying on time. Furthermore, adequate letters of credit have been opened in favour of the company by SPUs as per the settlement scheme. Moreover, as the owner of most inter-regional transmission networks, the company has a diversified customer profile. As per CERC’s regulations, the company, as the central transmission utility (CTU) had to carry out billing, collection, and disbursement for all inter-state transmission system (ISTS) licensees, based on the point of connection methodology of allocation of transmission charges. As the sole collection agency of all ISTS networks in India, The company’s ability to negotiate with designated ISTS customers has increased. Moreover, it also has authority to regulate power to defaulting customers as per CERC’s norms, which it could use in exceptional circumstances. From April 2021, the CTU function has been transferred from PGCIL into a new entity, Central Transmission Utility of India Ltd (CTUIL). While CTUIL is currently wholly owned by PGCIL, it is eventually expected to have an independent shareholding under the Government of India. CRISIL Ratings will continue to monitor developments in this regard.
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Liquidity: Superior
Healthy cash accrual of over Rs 17,000 crore per fiscal should suffice to cover debt obligation. Liquidity is also supported by a cash balance of Rs 7,429 crore as on September 30, 2020. Furthermore, the regulated tariff structure for the assets won through nomination ensures recovery of the amount of debt repaid as approved by CERC every year.
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Outlook: Stable
PGCIL should maintain a robust financial risk profile over the medium term, despite the planned debt-funded capex, backed by strong operating efficiency and the regulated tariff regime. The company should also continue to benefit from its strategic importance to India’s power sector, given its role in developing and operating the national power transmission network.
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Rating Sensitivity factors
Downward factors
- Significant delays or default in payments by SPUs
- Adverse impact of any changes in the regulatory regime
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About the Company
PGCIL was incorporated in 1989 to set up extra-high voltage alternating current and high-voltage direct current (HVDC) transmission lines. The company moves large blocks of power from the central generating agencies and areas that have surplus power to load centres within and across regions. It is under the administrative control of the Ministry of Power, GoI. The company owns and operates an extensive nationwide network of transmission lines, which mainly comprise 400-kilovolt transmission lines and HVDC transmission systems, carrying more than 45% of the total power generated in India. As on December 31, 2020, it owned and operated a transmission line network of 1,68,000 circuit kilometre and 253 substations, with a transformer capacity of over 4,25,000 megavolt ampere.
For the nine months ended December 31, 2020, on a consolidated basis, net profit was Rs 8,510 crore on an operating income of Rs 29,129 crore, against Rs 7,746 crore and Rs 27,595 crore, respectively, in the corresponding period of the previous fiscal.
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Key Financial Indicators (Consolidated; as reported by PGCIL)
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Particulars
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Unit
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2020
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2019
|
|
Revenue
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Rs crore
|
38,671
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35,661
|
|
Profit after tax (PAT)
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Rs crore
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11,059
|
10,034
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PAT margin
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%
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28.6
|
28.1
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Adjusted debt/Adjusted networth
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Times
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2.4
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2.5
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Interest coverage
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Times
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3.5
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3.5
|
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Any other information: Not applicable
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Note on complexity levels of the rated instrument:
CRISIL Ratings' complexity levels are assigned to various types of financial instruments. The CRISIL Ratings' complexity levels are available on www.crisil.com/complexity-levels. Users are advised to refer to the CRISIL Ratings' complexity levels for instruments that they consider for investment. Users may also call the Customer Service Helpdesk with queries on specific instruments. |
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Annexure - Details of Instrument(s)
|
ISIN
|
Name of Instrument
|
Date of Allotment
|
Coupon Rate (%)
|
Maturity Date
|
Issue Size (Rs Cr)
|
Complexity Level
|
Rating Assigned with outlook
|
|
NA
|
Proposed Long-term bank loan facility
|
NA
|
NA
|
NA
|
20,000
|
NA
|
CRISIL AAA/Stable
|
|
NA
|
Bank Guarantee
|
NA
|
NA
|
NA
|
1100
|
NA
|
CRISIL A1+
|
|
NA
|
Cash Credit
|
NA
|
NA
|
NA
|
3000
|
NA
|
CRISIL AAA/Stable
|
|
NA
|
Letter of Credit
|
NA
|
NA
|
NA
|
1600
|
NA
|
CRISIL A1+
|
|
NA
|
Short-Term Debt**
|
NA
|
NA
|
7-365 days
|
9000
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Simple
|
CRISIL A1+
|
|
NA
|
Commercial Paper**
|
NA
|
NA
|
7-365 days
|
9000
|
Simple
|
CRISIL A1+
|
|
NA
|
Long-Term Borrowing Programme*
|
NA
|
NA
|
NA
|
4980
|
Simple
|
CRISIL AAA/Stable
|
|
NA
|
Long-Term Borrowing Programme@
|
NA
|
NA
|
NA
|
24513
|
Simple
|
CRISIL AAA/Stable
|
|
NA
|
Long-Term Borrowing Programme#
|
NA
|
NA
|
NA
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12519
|
Simple
|
CRISIL AAA/Stable
|
|
NA
|
Long-Term Borrowing Programme^
|
NA
|
NA
|
NA
|
16870
|
Simple
|
CRISIL AAA/Stable
|
|
NA
|
Long-Term Borrowing Programme &
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NA
|
NA
|
NA
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6700
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Simple
|
CRISIL AAA/Stable
|
|
NA
|
Long-Term Borrowing Programme ^^
|
NA
|
NA
|
NA
|
10000
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07BB3
|
Bond - XIX Issue
|
24-Jul-06
|
9.25%
|
24-Jul-21
|
41.25
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07BC1
|
Bond - XX Issue
|
7-Sep-06
|
8.93%
|
7-Sep-21
|
125
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07BZ2
|
Bond - XXI Issue
|
11-Oct-06
|
8.73%
|
11-Oct-21
|
42.5
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07CL0
|
Bond - XXII Issue
|
7-Dec-06
|
8.68%
|
7-Dec-21
|
57.5
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07CX5
|
Bond - XXIII Issue
|
9-Feb-07
|
9.25%
|
9-Feb-22
|
25.63
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07DJ2
|
Bond - XXIV Issue
|
26-Mar-07
|
9.95%
|
26-Mar-22
|
66.63
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07DU9
|
Bond - XXV Issue
|
12-Jun-07
|
10.10%
|
12-Jun-21
|
88.75
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07DV7
|
Bond - XXV Issue
|
12-Jun-07
|
10.10%
|
12-Jun-22
|
88.75
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07EG6
|
Bond - XXVI Issue
|
7-Mar-08
|
9.30%
|
7-Mar-22
|
83.25
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07EH4
|
Bond - XXVI Issue
|
7-Mar-08
|
9.30%
|
7-Mar-23
|
83.25
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07ES1
|
Bond - XXVII Issue
|
31-Mar-08
|
9.47%
|
31-Mar-22
|
58.75
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07ET9
|
Bond - XXVII Issue
|
31-Mar-08
|
9.47%
|
31-Mar-23
|
58.75
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07FD0
|
Bond - XXVIII Issue
|
15-Dec-08
|
9.33%
|
15-Dec-21
|
200
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07FE8
|
Bond - XXVIII Issue
|
15-Dec-08
|
9.33%
|
15-Dec-22
|
200
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07FF5
|
Bond - XXVIII Issue
|
15-Dec-08
|
9.33%
|
15-Dec-23
|
200
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07FP4
|
Bond - XXIX Issue
|
12-Mar-09
|
9.20%
|
12-Mar-22
|
108.13
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07FQ2
|
Bond - XXIX Issue
|
12-Mar-09
|
9.20%
|
12-Mar-23
|
108.13
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07FR0
|
Bond - XXIX Issue
|
12-Mar-09
|
9.20%
|
12-Mar-24
|
108.13
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07GA4
|
Bond - XXX Issue
|
29-Sep-09
|
8.80%
|
29-Sep-21
|
194.38
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07GB2
|
Bond - XXX Issue
|
29-Sep-09
|
8.80%
|
29-Sep-22
|
194.38
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07GC0
|
Bond - XXX Issue
|
29-Sep-09
|
8.80%
|
29-Sep-23
|
194.38
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07GD8
|
Bond - XXX Issue
|
29-Sep-09
|
8.80%
|
29-Sep-24
|
194.38
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07GM9
|
Bond - XXXI Issue
|
25-Feb-10
|
8.90%
|
25-Feb-22
|
170.63
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07GN7
|
Bond - XXXI Issue
|
25-Feb-10
|
8.90%
|
25-Feb-23
|
170.63
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07GO5
|
Bond - XXXI Issue
|
25-Feb-10
|
8.90%
|
25-Feb-24
|
170.63
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07GP2
|
Bond - XXXI Issue
|
25-Feb-10
|
8.90%
|
25-Feb-25
|
170.63
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07GY4
|
Bond - XXXII Issue
|
29-Mar-10
|
8.84%
|
29-Mar-22
|
86.25
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07GZ1
|
Bond - XXXII Issue
|
29-Mar-10
|
8.84%
|
29-Mar-23
|
86.25
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07HA2
|
Bond - XXXII Issue
|
29-Mar-10
|
8.84%
|
29-Mar-24
|
86.25
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07HB0
|
Bond - XXXII Issue
|
29-Mar-10
|
8.84%
|
29-Mar-25
|
86.25
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07HJ3
|
Bond - XXXIII Issue
|
8-Jul-10
|
8.64%
|
8-Jul-21
|
240
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07HK1
|
Bond - XXXIII Issue
|
8-Jul-10
|
8.64%
|
8-Jul-22
|
240
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07HL9
|
Bond - XXXIII Issue
|
8-Jul-10
|
8.64%
|
8-Jul-23
|
240
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07HM7
|
Bond - XXXIII Issue
|
8-Jul-10
|
8.64%
|
8-Jul-24
|
240
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07HN5
|
Bond - XXXIII Issue
|
8-Jul-10
|
8.64%
|
8-Jul-25
|
240
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07HV8
|
Bond - XXXIV Issue
|
21-Oct-10
|
8.84%
|
21-Oct-21
|
290.63
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07HW6
|
Bond - XXXIV Issue
|
21-Oct-10
|
8.84%
|
21-Oct-22
|
290.63
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07HX4
|
Bond - XXXIV Issue
|
21-Oct-10
|
8.84%
|
21-Oct-23
|
290.63
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07HY2
|
Bond - XXXIV Issue
|
21-Oct-10
|
8.84%
|
21-Oct-24
|
290.63
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07HZ9
|
Bond - XXXIV Issue
|
21-Oct-10
|
8.84%
|
21-Oct-25
|
290.63
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07IG7
|
Bond - XXXV Issue
|
31-May-11
|
9.64%
|
31-May-21
|
163.13
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07IH5
|
Bond - XXXV Issue
|
31-May-11
|
9.64%
|
31-May-22
|
163.13
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07II3
|
Bond - XXXV Issue
|
31-May-11
|
9.64%
|
31-May-23
|
163.13
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07IJ1
|
Bond - XXXV Issue
|
31-May-11
|
9.64%
|
31-May-24
|
163.13
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07IK9
|
Bond - XXXV Issue
|
31-May-11
|
9.64%
|
31-May-25
|
163.13
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07IL7
|
Bond - XXXV Issue
|
31-May-11
|
9.64%
|
31-May-26
|
163.13
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07IR4
|
Bond - XXXVI Issue
|
29-Aug-11
|
9.35%
|
29-Aug-21
|
206
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07IS2
|
Bond - XXXVI Issue
|
29-Aug-11
|
9.35%
|
29-Aug-22
|
206
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07IT0
|
Bond - XXXVI Issue
|
29-Aug-11
|
9.35%
|
29-Aug-23
|
206
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07IU8
|
Bond - XXXVI Issue
|
29-Aug-11
|
9.35%
|
29-Aug-24
|
206
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07IV6
|
Bond - XXXVI Issue
|
29-Aug-11
|
9.35%
|
29-Aug-25
|
206
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07IW4
|
Bond - XXXVI Issue
|
29-Aug-11
|
9.35%
|
29-Aug-26
|
206
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07IX2
|
Bond - XXXVI Issue
|
29-Aug-11
|
9.35%
|
29-Aug-27
|
206
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07IY0
|
Bond - XXXVI Issue
|
29-Aug-11
|
9.35%
|
29-Aug-28
|
206
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07IZ7
|
Bond - XXXVI Issue
|
29-Aug-11
|
9.35%
|
29-Aug-29
|
206
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07JA8
|
Bond - XXXVI Issue
|
29-Aug-11
|
9.35%
|
29-Aug-30
|
206
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07JH3
|
Bond - XXXVII Issue
|
26-Dec-11
|
9.25%
|
26-Dec-21
|
166.25
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07JI1
|
Bond - XXXVII Issue
|
26-Dec-11
|
9.25%
|
26-Dec-22
|
166.25
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07JJ9
|
Bond - XXXVII Issue
|
26-Dec-11
|
9.25%
|
26-Dec-23
|
166.25
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07JK7
|
Bond - XXXVII Issue
|
26-Dec-11
|
9.25%
|
26-Dec-24
|
166.25
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07JL5
|
Bond - XXXVII Issue
|
26-Dec-11
|
9.25%
|
26-Dec-25
|
166.25
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07JM3
|
Bond - XXXVII Issue
|
26-Dec-11
|
9.25%
|
26-Dec-26
|
166.25
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07JN1
|
Bond - XXXVIII Issue
|
9-Mar-12
|
9.25%
|
9-Mar-27
|
855
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07JO9
|
Bond - XXXIX Issue
|
29-Mar-12
|
9.40%
|
29-Mar-27
|
1,800.00
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07JU6
|
Bond - XL Issue
|
28-Jun-12
|
9.30%
|
28-Jun-21
|
333.13
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07JV4
|
Bond - XL Issue
|
28-Jun-12
|
9.30%
|
28-Jun-22
|
333.13
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07JW2
|
Bond - XL Issue
|
28-Jun-12
|
9.30%
|
28-Jun-23
|
333.13
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07JX0
|
Bond - XL Issue
|
28-Jun-12
|
9.30%
|
28-Jun-24
|
333.13
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07JY8
|
Bond - XL Issue
|
28-Jun-12
|
9.30%
|
28-Jun-25
|
333.13
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07JZ5
|
Bond - XL Issue
|
28-Jun-12
|
9.30%
|
28-Jun-26
|
333.13
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07KA6
|
Bond - XL Issue
|
28-Jun-12
|
9.30%
|
28-Jun-27
|
333.13
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07KG3
|
Bond - XLI Issue
|
19-Oct-12
|
8.85%
|
19-Oct-21
|
236.88
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07KH1
|
Bond - XLI Issue
|
19-Oct-12
|
8.85%
|
19-Oct-22
|
236.88
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07KI9
|
Bond - XLI Issue
|
19-Oct-12
|
8.85%
|
19-Oct-23
|
236.88
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07KJ7
|
Bond - XLI Issue
|
19-Oct-12
|
8.85%
|
19-Oct-24
|
236.88
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07KK5
|
Bond - XLI Issue
|
19-Oct-12
|
8.85%
|
19-Oct-25
|
236.88
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07KL3
|
Bond - XLI Issue
|
19-Oct-12
|
8.85%
|
19-Oct-26
|
236.88
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07KM1
|
Bond - XLI Issue
|
19-Oct-12
|
8.85%
|
19-Oct-27
|
236.88
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07KN9
|
Bond - XLII Issue
|
13-Mar-13
|
8.80%
|
13-Mar-23
|
1990
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07KS8
|
Bond - XLIII Issue
|
20-May-13
|
7.93%
|
20-May-21
|
260.5
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07KT6
|
Bond - XLIII Issue
|
20-May-13
|
7.93%
|
20-May-22
|
260.5
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07KU4
|
Bond - XLIII Issue
|
20-May-13
|
7.93%
|
20-May-23
|
260.5
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07KV2
|
Bond - XLIII Issue
|
20-May-13
|
7.93%
|
20-May-24
|
260.5
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07KW0
|
Bond - XLIII Issue
|
20-May-13
|
7.93%
|
20-May-25
|
260.5
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07KX8
|
Bond - XLIII Issue
|
20-May-13
|
7.93%
|
20-May-26
|
260.5
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07KY6
|
Bond - XLIII Issue
|
20-May-13
|
7.93%
|
20-May-27
|
260.5
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07KZ3
|
Bond - XLIII Issue
|
20-May-13
|
7.93%
|
20-May-28
|
260.5
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07LB2
|
Bond - XLIV Issue
|
15-Jul-13
|
8.70%
|
15-Jul-23
|
1322
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07LC0
|
Bond - XLIV Issue
|
15-Jul-13
|
8.70%
|
15-Jul-28
|
1322
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07LH9
|
Bond - XLV Issue
|
28-Feb-14
|
9.65%
|
28-Feb-22
|
166.6
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07LI7
|
Bond - XLV Issue
|
28-Feb-14
|
9.65%
|
28-Feb-23
|
166.6
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07LJ5
|
Bond - XLV Issue
|
28-Feb-14
|
9.65%
|
28-Feb-24
|
166.6
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07LK3
|
Bond - XLV Issue
|
28-Feb-14
|
9.65%
|
28-Feb-25
|
166.6
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07LL1
|
Bond - XLV Issue
|
28-Feb-14
|
9.65%
|
28-Feb-25
|
166.6
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07LM9
|
Bond - XLV Issue
|
28-Feb-14
|
9.65%
|
28-Feb-27
|
166.6
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07LN7
|
Bond - XLV Issue
|
28-Feb-14
|
9.65%
|
28-Feb-28
|
166.6
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07LO5
|
Bond - XLV Issue
|
28-Feb-14
|
9.65%
|
28-Feb-29
|
166.6
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07LQ0
|
Bond - XLVI Issue
|
4-Sep-14
|
9.30%
|
4-Sep-24
|
1454
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07LR8
|
Bond - XLVI Issue
|
4-Sep-14
|
9.30%
|
4-Sep-29
|
1454
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07LV0
|
Bond - XLVII Issue
|
20-Oct-14
|
8.93%
|
20-Oct-21
|
220
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07LW8
|
Bond - XLVII Issue
|
20-Oct-14
|
8.93%
|
20-Oct-22
|
220
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07LX6
|
Bond - XLVII Issue
|
20-Oct-14
|
8.93%
|
20-Oct-23
|
220
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07LY4
|
Bond - XLVII Issue
|
20-Oct-14
|
8.93%
|
20-Oct-24
|
220
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07LZ1
|
Bond - XLVII Issue
|
20-Oct-14
|
8.93%
|
20-Oct-25
|
220
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07MA2
|
Bond - XLVII Issue
|
20-Oct-14
|
8.93%
|
20-Oct-26
|
220
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07MB0
|
Bond - XLVII Issue
|
20-Oct-14
|
8.93%
|
20-Oct-27
|
220
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07MC8
|
Bond - XLVII Issue
|
20-Oct-14
|
8.93%
|
20-Oct-28
|
220
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07MD6
|
Bond - XLVII Issue
|
20-Oct-14
|
8.93%
|
20-Oct-29
|
220
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07MF1
|
Bond - XLVIII Issue
|
23-Jan-15
|
8.20%
|
23-Jan-22
|
645
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07MG9
|
Bond - XLVIII Issue
|
23-Jan-15
|
8.20%
|
23-Jan-25
|
645
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07MH7
|
Bond - XLVIII Issue
|
23-Jan-15
|
8.20%
|
23-Jan-30
|
645
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07MJ3
|
Bond - XLIX Issue
|
9-Mar-15
|
8.15%
|
9-Mar-25
|
435
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07MK1
|
Bond - XLIX Issue
|
9-Mar-15
|
8.15%
|
9-Mar-30
|
435
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07MN5
|
Bond - L Issue
|
27-May-15
|
8.40%
|
27-May-21
|
244
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07MO3
|
Bond - L Issue
|
27-May-15
|
8.40%
|
27-May-22
|
244
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07MP0
|
Bond - L Issue
|
27-May-15
|
8.40%
|
27-May-23
|
244
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07MQ8
|
Bond - L Issue
|
27-May-15
|
8.40%
|
27-May-24
|
244
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07MR6
|
Bond - L Issue
|
27-May-15
|
8.40%
|
27-May-25
|
244
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07MS4
|
Bond - L Issue
|
27-May-15
|
8.40%
|
27-May-26
|
244
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07MT2
|
Bond - L Issue
|
27-May-15
|
8.40%
|
27-May-27
|
244
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07MU0
|
Bond - L Issue
|
27-May-15
|
8.40%
|
27-May-28
|
244
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07MV8
|
Bond - L Issue
|
27-May-15
|
8.40%
|
27-May-29
|
244
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07MW6
|
Bond - L Issue
|
27-May-15
|
8.40%
|
27-May-30
|
244
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07MZ9
|
Bond - LI Issue
|
14-Sep-15
|
8.40%
|
14-Sep-21
|
250
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07NA0
|
Bond - LI Issue
|
14-Sep-15
|
8.40%
|
14-Sep-22
|
250
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07NB8
|
Bond - LI Issue
|
14-Sep-15
|
8.40%
|
14-Sep-23
|
250
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07NC6
|
Bond - LI Issue
|
14-Sep-15
|
8.40%
|
14-Sep-24
|
250
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07ND4
|
Bond - LI Issue
|
14-Sep-15
|
8.40%
|
14-Sep-25
|
250
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07NE2
|
Bond - LI Issue
|
14-Sep-15
|
8.40%
|
14-Sep-26
|
250
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07NF9
|
Bond - LI Issue
|
14-Sep-15
|
8.40%
|
14-Sep-27
|
250
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07NG7
|
Bond - LI Issue
|
14-Sep-15
|
8.40%
|
14-Sep-28
|
250
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07NH5
|
Bond - LI Issue
|
14-Sep-15
|
8.40%
|
14-Sep-29
|
250
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07NI3
|
Bond - LI Issue
|
14-Sep-15
|
8.40%
|
14-Sep-30
|
250
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07NK9
|
Bond - LII Issue
|
23-Dec-15
|
8.32%
|
23-Dec-25
|
466
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07NL7
|
Bond - LII Issue
|
23-Dec-15
|
8.32%
|
23-Dec-30
|
466
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07NO1
|
Bond - LIII Issue
|
25-Apr-16
|
8.13%
|
25-Apr-22
|
333
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07NP8
|
Bond - LIII Issue
|
25-Apr-16
|
8.13%
|
25-Apr-23
|
333
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07NQ6
|
Bond - LIII Issue
|
25-Apr-16
|
8.13%
|
25-Apr-24
|
333
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07NR4
|
Bond - LIII Issue
|
25-Apr-16
|
8.13%
|
25-Apr-25
|
333
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07NS2
|
Bond - LIII Issue
|
25-Apr-16
|
8.13%
|
25-Apr-26
|
333
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07NT0
|
Bond - LIII Issue
|
25-Apr-16
|
8.13%
|
25-Apr-27
|
333
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07NU8
|
Bond - LIII Issue
|
25-Apr-16
|
8.13%
|
25-Apr-28
|
333
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07NV6
|
Bond - LIII Issue
|
25-Apr-16
|
8.13%
|
25-Apr-29
|
333
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07NW4
|
Bond - LIII Issue
|
25-Apr-16
|
8.13%
|
25-Apr-30
|
333
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07NX2
|
Bond - LIII Issue
|
25-Apr-16
|
8.13%
|
25-Apr-31
|
333
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07NY0
|
Bond - LIV Issue
|
15-Jul-16
|
7.97%
|
15-Jul-21
|
1000
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07NZ7
|
Bond - LIV Issue
|
15-Jul-16
|
7.97%
|
15-Jul-26
|
1000
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07OA8
|
Bond - LIV Issue
|
15-Jul-16
|
7.97%
|
15-Jul-31
|
1000
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07OB6
|
Bond - LV Issue
|
21-Sep-16
|
7.55%
|
21-Sep-31
|
1240
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07OC4
|
Bond - LVI Issue
|
18-Oct-16
|
7.36%
|
18-Oct-26
|
1065
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07OD2
|
Bond - LVII Issue
|
21-Dec-16
|
7.20%
|
21-Dec-21
|
2120
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07OE0
|
Bond - LVIII Issue
|
9-Mar-17
|
7.89%
|
9-Mar-27
|
2060
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07OF7
|
Bond- LIX Issue
|
19-Jun-17
|
7.30%
|
19-Jun-27
|
3070
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07OG5
|
Bond- LX Issue
|
9-Aug-17
|
7.20%
|
9-Aug-27
|
3060
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E08502
|
Bond- LXI Issue
|
12-Dec-17
|
7.74%
|
12-Dec-28
|
600
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E08510
|
Bond- LXI Issue
|
12-Dec-17
|
7.74%
|
12-Dec-29
|
600
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E08528
|
Bond- LXI Issue
|
12-Dec-17
|
7.74%
|
12-Dec-30
|
600
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E08536
|
Bond- LXI Issue
|
12-Dec-17
|
7.74%
|
12-Dec-31
|
600
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E08544
|
Bond- LXI Issue
|
12-Dec-17
|
7.74%
|
10-Dec-32
|
600
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E07OH3
|
Bond- LXII Issue
|
7-Jan-19
|
8.36%
|
7-Jan-29
|
2000
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E08551
|
GoI Fully Serviced Bond
|
14-Feb-19
|
8.24%
|
14-Feb-29
|
3487.5
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E08569
|
Bond- LXIII Issue
|
15-Jul-19
|
7.34%
|
15-Jul-24
|
600
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E08577
|
Bond- LXIII Issue
|
15-Jul-19
|
7.34%
|
15-Jul-29
|
600
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E08585
|
Bond- LXIII Issue
|
15-Jul-19
|
7.34%
|
15-Jul-34
|
600
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E08593
|
Bond- LXIV Issue
|
25-Oct-19
|
7.49%
|
25-Oct-24
|
756
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E08601
|
Bond- LXIV Issue
|
25-Oct-19
|
7.49%
|
25-Oct-29
|
756
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E08619
|
Bond- LXIV Issue
|
25-Oct-19
|
7.49%
|
25-Oct-34
|
1008
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E08627
|
Bond- LXV Issue
|
8-Jan-20
|
6.35%
|
14-Apr-23
|
200
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E08635
|
Bond- LXVI Issue
|
8-Jan-20
|
7.38%
|
12-Apr-30
|
500
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E08643
|
Bond- LXVII Issue
|
15-Apr-20
|
6.85%
|
15-Apr-25
|
2800
|
Simple
|
CRISIL AAA/Stable
|
|
INE752E08650
|
Bond- LXVIII Issue
|
5-Aug-20
|
6.28%
|
11-Apr-31
|
500
|
Simple
|
CRISIL AAA/Stable
|
#The borrowing programme pertains to fiscal 2017. Of the total Rs 26,000 crore, Rs 14,000 crore was to be raised as bonds against which Rs 13481 crore has already been raised under Series LIII, LIV, LV, LVI, LVII and LVIII. The remaining Rs 12,000 crore was to be raised as long-term loans.
^The borrowing programme pertains to fiscal 2018. Of the total Rs 26,000 crore, Rs 14,000 crore was to be raised as bonds against which Rs 9130 crore has already been raised under Series LIX, LX and LXI. The remaining Rs 12,000 crore was to be raised as long-term loans.
@ The borrowing programme pertains to fiscal 2019. Of the total Rs 30,000 crore, Rs 20,000 crore was to be raised as bonds, against which Rs 5487.5 crore was raised under Series LXII and GOI Fully Serviced Bond. The remaining Rs 10,000 crore was to be raised as long-term loans.
* The borrowing programme pertains to fiscal 2020. Of the total Rs 10,000 crore, Rs 5020 crore was raised as bonds under Series LXIII, LXIV, LXV and LXVI
&The borrowing programme pertains to fiscal 2021. Of the total Rs 10,000 crore, Rs 3300 crore has been raised as bonds under Series LXVII and LXVIII
^^ The borrowing programme pertains to fiscal 2022
**Short term debt and commercial paper borrowing will cumulatively not exceed Rs 9,000 crore at any point
Annexure - Details of Rating Withdrawn
|
ISIN
|
Name of Instrument
|
Date of Allotment
|
Coupon Rate (%)
|
Maturity Date
|
Complexity Level
|
Issue Size (Rs Cr)
|
|
INE752E07AP5
|
Bond - XVIII Issue
|
9-Mar-06
|
8.15%
|
9-Mar-21
|
Simple
|
83.25
|
|
INE752E07BA5
|
Bond - XIX Issue
|
24-Jul-06
|
9.25%
|
24-Jul-20
|
Simple
|
41.25
|
|
INE752E07BN8
|
Bond - XX Issue
|
7-Sep-06
|
8.93%
|
7-Sep-20
|
Simple
|
125
|
|
INE752E07BY5
|
Bond - XXI Issue
|
11-Oct-06
|
8.73%
|
11-Oct-20
|
Simple
|
42.5
|
|
INE752E07CK2
|
Bond - XXII Issue
|
7-Dec-06
|
8.68%
|
7-Dec-20
|
Simple
|
57.5
|
|
INE752E07CW7
|
Bond - XXIII Issue
|
9-Feb-07
|
9.25%
|
9-Feb-21
|
Simple
|
25.63
|
|
INE752E07DI4
|
Bond - XXIV Issue
|
26-Mar-07
|
9.95%
|
26-Mar-21
|
Simple
|
66.63
|
|
INE752E07DT1
|
Bond - XXV Issue
|
12-Jun-07
|
10.10%
|
12-Jun-20
|
Simple
|
88.75
|
|
INE752E07EF8
|
Bond - XXVI Issue
|
7-Mar-08
|
9.30%
|
7-Mar-21
|
Simple
|
83.25
|
|
INE752E07ER3
|
Bond - XXVII Issue
|
31-Mar-08
|
9.47%
|
31-Mar-21
|
Simple
|
58.75
|
|
INE752E07FC2
|
Bond - XXVIII Issue
|
15-Dec-08
|
9.33%
|
15-Dec-20
|
Simple
|
200
|
|
INE752E07FO7
|
Bond - XXIX Issue
|
12-Mar-09
|
9.20%
|
12-Mar-21
|
Simple
|
108.13
|
|
INE752E07FZ3
|
Bond - XXX Issue
|
29-Sep-09
|
8.80%
|
29-Sep-20
|
Simple
|
194.38
|
|
INE752E07GL1
|
Bond - XXXI Issue
|
25-Feb-10
|
8.90%
|
25-Feb-21
|
Simple
|
170.63
|
|
INE752E07GX6
|
Bond - XXXII Issue
|
29-Mar-10
|
8.84%
|
29-Mar-21
|
Simple
|
86.25
|
|
INE752E07HI5
|
Bond - XXXIII Issue
|
8-Jul-10
|
8.64%
|
8-Jul-20
|
Simple
|
240
|
|
INE752E07HU0
|
Bond - XXXIV Issue
|
21-Oct-10
|
8.84%
|
21-Oct-20
|
Simple
|
290.63
|
|
INE752E07IF9
|
Bond - XXXV Issue
|
31-May-11
|
9.64%
|
31-May-20
|
Simple
|
163.13
|
|
INE752E07IQ6
|
Bond - XXXVI Issue
|
29-Aug-11
|
9.35%
|
29-Aug-20
|
Simple
|
206
|
|
INE752E07JG5
|
Bond - XXXVII Issue
|
26-Dec-11
|
9.25%
|
26-Dec-20
|
Simple
|
166.25
|
|
INE752E07JT8
|
Bond - XL Issue
|
28-Jun-12
|
9.30%
|
28-Jun-20
|
Simple
|
333.13
|
|
INE752E07KF5
|
Bond - XLI Issue
|
19-Oct-12
|
8.85%
|
19-Oct-20
|
Simple
|
236.88
|
|
INE752E07LG1
|
Bond - XLV Issue
|
28-Feb-14
|
9.65%
|
28-Feb-21
|
Simple
|
166.6
|
|
INE752E07LU2
|
Bond - XLVII Issue
|
20-Oct-14
|
8.93%
|
20-Oct-20
|
Simple
|
220
|
|
INE752E07MM7
|
Bond - L Issue
|
27-May-15
|
8.40%
|
27-May-20
|
Simple
|
244
|
|
INE752E07MY2
|
Bond - LI Issue
|
14-Sep-15
|
8.40%
|
14-Sep-20
|
Simple
|
250
|
|
INE752E07NJ1
|
Bond - LII Issue
|
23-Dec-15
|
8.32%
|
23-Dec-20
|
Simple
|
466
|
|
INE752E07NN3
|
(LTBP) Bond - LIII Issue
|
25-Apr-16
|
8.13%
|
25-Apr-21
|
Simple
|
333
|
|
INE752E07NM5
|
(LTBP) Bond - LIII Issue
|
25-Apr-16
|
8.13%
|
25-Apr-20
|
Simple
|
333
|
| |
| |
Annexure – List of entities consolidated
|
Name of entities
|
Extent of consolidation
|
Rationale for consolidation
|
|
Powergrid Vizag Transmission Ltd
|
Full
|
Strong managerial, operational and financial linkages
|
|
Powergrid NM Transmission Ltd
|
Full
|
Strong managerial, operational and financial linkages
|
|
Powergrid Unchahar Transmission Ltd
|
Full
|
Strong managerial, operational and financial linkages
|
|
Powergrid Kala Amb Transmission Ltd
|
Full
|
Strong managerial, operational and financial linkages
|
|
Powergrid Jabalpur Transmission Ltd
|
Full
|
Strong managerial, operational and financial linkages
|
|
Powergrid Warora Transmission Ltd
|
Full
|
Strong managerial, operational and financial linkages
|
|
Powergrid Parli Transmission Ltd
|
Full
|
Strong managerial, operational and financial linkages
|
|
Powergrid Southern Interconnector Transmission Ltd
|
Full
|
Strong managerial, operational and financial linkages
|
|
Powergrid Medinipur Jeerat Transmission Ltd
|
Full
|
Strong managerial, operational and financial linkages
|
|
Powergrid Mithilanchal Transmission Ltd
|
Full
|
Strong managerial, operational and financial linkages
|
|
Powergrid Varanasi Transmission System Ltd
|
Full
|
Strong managerial, operational and financial linkages
|
|
Powergrid Vemagiri Transmission Ltd
|
Full
|
Strong managerial, operational and financial linkages
|
|
Powerlinks Transmission Ltd
|
Equity method
|
Joint Venture/Associate - Proportionate consolidation
|
|
Torrent Power Grid Ltd
|
Equity method
|
Joint Venture/Associate - Proportionate consolidation
|
|
Jaypee Powergrid Ltd
|
Equity method
|
Joint Venture/Associate - Proportionate consolidation
|
|
Parbati Koldam Transmission Company Ltd
|
Equity method
|
Joint Venture/Associate - Proportionate consolidation
|
|
Teesta Valley Power
Transmission Ltd
|
Equity method
|
Joint Venture/Associate - Proportionate consolidation
|
|
North East Transmission Company Ltd
|
Equity method
|
Joint Venture/Associate - Proportionate consolidation
|
|
National High Power Test Laboratory Private Ltd
|
Equity method
|
Joint Venture/Associate - Proportionate consolidation
|
|
Kalinga Bidyut Prasaran Nigam Pvt Ltd
|
Equity method
|
Joint Venture/Associate - Proportionate consolidation
|
|
Bihar Grid Company Ltd
|
Equity method
|
Joint Venture/Associate - Proportionate consolidation
|
|
Cross Border Power Transmission Company Ltd
|
Equity method
|
Joint Venture/Associate - Proportionate consolidation
|
|
RINL Powergrid TLT Pvt Ltd
|
Equity method
|
Joint Venture/Associate - Proportionate consolidation
|
|
Power Transmission Company Nepal Ltd
|
Equity method
|
Joint Venture/Associate - Proportionate consolidation
|
| |
| |
| Annexure - Rating History for last 3 Years |
| |
Current |
2021 (History) |
2020 |
2019 |
2018 |
Start of 2018 |
| Instrument |
Type |
Outstanding Amount |
Rating |
Date |
Rating |
Date |
Rating |
Date |
Rating |
Date |
Rating |
Rating |
| Fund Based Facilities |
LT |
23000.0 |
CRISIL AAA/Stable |
|
-- |
05-06-20 |
CRISIL AAA/Stable |
30-10-19 |
CRISIL AAA/Stable |
03-04-18 |
CRISIL AAA/Stable |
CRISIL AAA/Stable |
| |
|
|
-- |
|
-- |
25-02-20 |
CRISIL AAA/Stable |
11-07-19 |
CRISIL AAA/Stable |
|
-- |
-- |
| |
|
|
-- |
|
-- |
|
-- |
29-05-19 |
CRISIL AAA/Stable |
|
-- |
-- |
| |
|
|
-- |
|
-- |
|
-- |
26-04-19 |
CRISIL AAA/Stable |
|
-- |
-- |
| Non-Fund Based Facilities |
ST |
2700.0 |
CRISIL A1+ |
|
-- |
05-06-20 |
CRISIL A1+ |
30-10-19 |
CRISIL A1+ |
03-04-18 |
CRISIL A1+ |
CRISIL A1+ |
| |
|
|
-- |
|
-- |
25-02-20 |
CRISIL A1+ |
11-07-19 |
CRISIL A1+ |
|
-- |
-- |
| |
|
|
-- |
|
-- |
|
-- |
29-05-19 |
CRISIL A1+ |
|
-- |
-- |
| |
|
|
-- |
|
-- |
|
-- |
26-04-19 |
CRISIL A1+ |
|
-- |
-- |
| Bond |
LT |
38499.42 |
CRISIL AAA/Stable |
|
-- |
05-06-20 |
CRISIL AAA/Stable |
30-10-19 |
CRISIL AAA/Stable |
03-04-18 |
CRISIL AAA/Stable |
Withdrawn |
| |
|
|
-- |
|
-- |
25-02-20 |
CRISIL AAA/Stable |
11-07-19 |
CRISIL AAA/Stable |
|
-- |
-- |
| |
|
|
-- |
|
-- |
|
-- |
29-05-19 |
CRISIL AAA/Stable |
|
-- |
-- |
| |
|
|
-- |
|
-- |
|
-- |
26-04-19 |
CRISIL AAA/Stable |
|
-- |
-- |
| Commercial Paper |
ST |
9000.0 |
CRISIL A1+ |
|
-- |
05-06-20 |
CRISIL A1+ |
30-10-19 |
CRISIL A1+ |
03-04-18 |
CRISIL A1+ |
CRISIL A1+ |
| |
|
|
-- |
|
-- |
25-02-20 |
CRISIL A1+ |
11-07-19 |
CRISIL A1+ |
|
-- |
-- |
| |
|
|
-- |
|
-- |
|
-- |
29-05-19 |
CRISIL A1+ |
|
-- |
-- |
| |
|
|
-- |
|
-- |
|
-- |
26-04-19 |
CRISIL A1+ |
|
-- |
-- |
| Long-Term Borrowing Programme |
LT |
111334.0 |
CRISIL AAA/Stable |
|
-- |
05-06-20 |
CRISIL AAA/Stable |
30-10-19 |
CRISIL AAA/Stable |
03-04-18 |
CRISIL AAA/Stable |
CRISIL AAA/Stable |
| |
|
|
-- |
|
-- |
25-02-20 |
CRISIL AAA/Stable |
11-07-19 |
CRISIL AAA/Stable |
|
-- |
-- |
| |
|
|
-- |
|
-- |
|
-- |
29-05-19 |
CRISIL AAA/Stable |
|
-- |
-- |
| |
|
|
-- |
|
-- |
|
-- |
26-04-19 |
CRISIL AAA/Stable |
|
-- |
-- |
| Short Term Debt |
ST |
9000.0 |
CRISIL A1+ |
|
-- |
05-06-20 |
CRISIL A1+ |
30-10-19 |
CRISIL A1+ |
03-04-18 |
CRISIL A1+ |
CRISIL A1+ |
| |
|
|
-- |
|
-- |
25-02-20 |
CRISIL A1+ |
11-07-19 |
CRISIL A1+ |
|
-- |
-- |
| |
|
|
-- |
|
-- |
|
-- |
29-05-19 |
CRISIL A1+ |
|
-- |
-- |
| |
|
|
-- |
|
-- |
|
-- |
26-04-19 |
CRISIL A1+ |
|
-- |
-- |
| Short Term Debt (Including Commercial Paper) |
ST |
|
-- |
|
-- |
|
-- |
|
-- |
|
-- |
CRISIL A1+ |
|
| All amounts are in Rs.Cr. |
| |
| |
|
| |
| Annexure - Details of Bank Lenders & Facilities |
| Facility |
Name of Lender |
Amount (Rs.Crore) |
Rating |
| Bank Guarantee |
Axis Bank Limited |
100 |
CRISIL A1+ |
| Bank Guarantee |
HDFC Bank Limited |
125 |
CRISIL A1+ |
| Bank Guarantee |
ICICI Bank Limited |
125 |
CRISIL A1+ |
| Bank Guarantee |
IDBI Bank Limited |
150 |
CRISIL A1+ |
| Bank Guarantee |
Indian Overseas Bank |
65 |
CRISIL A1+ |
| Bank Guarantee |
IndusInd Bank Limited |
100 |
CRISIL A1+ |
| Bank Guarantee |
State Bank of India |
425 |
CRISIL A1+ |
| Bank Guarantee |
Union Bank of India |
10 |
CRISIL A1+ |
| Cash Credit |
Axis Bank Limited |
250 |
CRISIL AAA/Stable |
| Cash Credit |
HDFC Bank Limited |
250 |
CRISIL AAA/Stable |
| Cash Credit |
ICICI Bank Limited |
250 |
CRISIL AAA/Stable |
| Cash Credit |
IDBI Bank Limited |
100 |
CRISIL AAA/Stable |
| Cash Credit |
Indian Overseas Bank |
20 |
CRISIL AAA/Stable |
| Cash Credit |
IndusInd Bank Limited |
250 |
CRISIL AAA/Stable |
| Cash Credit |
State Bank of India |
1780 |
CRISIL AAA/Stable |
| Cash Credit |
Union Bank of India |
100 |
CRISIL AAA/Stable |
| Letter of Credit |
Axis Bank Limited |
25 |
CRISIL A1+ |
| Letter of Credit |
HDFC Bank Limited |
100 |
CRISIL A1+ |
| Letter of Credit |
ICICI Bank Limited |
100 |
CRISIL A1+ |
| Letter of Credit |
IDBI Bank Limited |
25 |
CRISIL A1+ |
| Letter of Credit |
Indian Overseas Bank |
200 |
CRISIL A1+ |
| Letter of Credit |
IndusInd Bank Limited |
50 |
CRISIL A1+ |
| Letter of Credit |
State Bank of India |
950 |
CRISIL A1+ |
| Letter of Credit |
Union Bank of India |
150 |
CRISIL A1+ |
| Proposed Long Term Bank Loan Facility |
Not Applicable |
13200 |
CRISIL AAA/Stable |
| Proposed Long Term Bank Loan Facility |
Not Applicable |
6800 |
CRISIL AAA/Stable |
This Annexure has been updated on 2-Sep-2021 in line with the lender-wise facility details as on 26-Aug-2021 received from the rated entity.
|
| |
| |
Note for Media:
This rating rationale is transmitted to you for the sole purpose of dissemination through your newspaper / magazine / agency. The rating rationale may be used by you in full or in part without changing the meaning or context thereof but with due credit to CRISIL Ratings. However, CRISIL Ratings alone has the sole right of distribution (whether directly or indirectly) of its rationales for consideration or otherwise through any media including websites, portals etc. | | |
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| | CRISIL Ratings uses the prefix ‘PP-MLD’ for the ratings of principal-protected market-linked debentures (PPMLD) with effect from November 1, 2011 to comply with the SEBI circular, "Guidelines for Issue and Listing of Structured Products/Market Linked Debentures". The revision in rating symbols for PPMLDs should not be construed as a change in the rating of the subject instrument. For details on CRISIL Ratiings' use of 'PP-MLD' please refer to the notes to Rating scale for Debt Instruments and Structured Finance Instruments at the following link: www.crisil.com/ratings/credit-rating-scale.html |
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| |