REC Limited 'Crisil AAA/Stable' assigned to Long-Term Borrowing Programme; 'Crisil A1+' assigned to Short Term Borrowing Programme
Rating Action
#Borrowing programme for fiscal 2027 (refers to financial year, April 1 to March 31). The overall limit for the long term borrowing programme and the short-term borrowing programme is Rs.1,81,000 crore, of which long term market borrowing programme is of Rs. 1,41,000 crore. This long-term limit includes a borrowing limit via perpetual non-convertible debentures of up to Rs 5,000 crore. Total incremental long-term market borrowing not to exceed Rs.1,41,000 crore any point in time during fiscal 2027. It also includes Rs.1,000 crore of bank guarantee Short-term borrowing including total short-term bank borrowing and borrowing under the rated short-term debt programme not to exceed Rs.40,000 crore at any point during fiscal 2027 and commercial paper limit not exceeding Rs 10,000 crore at any point during fiscal 2027 &Borrowing programme for fiscal 2026 (refers to financial year, April 1 to March 31). The overall limit for the long term borrowing programme and the short-term borrowing programme is Rs.1,91,000 crore, of which long term market borrowing programme is of Rs. 156,000 crore. This long-term limit includes a borrowing limit via perpetual non-convertible debentures of up to Rs 5,000 crore. Total incremental long-term market borrowing not to exceed Rs.1,56,000 crore any point in time during fiscal 2026. It also includes Rs.1,000 crore of bank guarantee Short-term borrowing including total short-term bank borrowing and borrowing under the rated short-term debt programme not to exceed Rs.35000 crore at any point during fiscal 2026 and commercial paper limit not exceeding Rs 10,000 crore at any point during fiscal 2026 %Borrowing programme for fiscal 2024 ^Borrowing programme for fiscal 2021 $Past year's borrowing programme **Includes Rs.9259.30 crore of extra budgetary resources raised by REC on behalf of Ministry of Power @@GOI Fully serviced bonds Note: None of the Directors on Crisil Ratings Limited’s Board are members of rating committee and thus do not participate in discussion or assignment of any ratings. The Board of Directors also does not discuss any ratings at its meetings. 1 crore = 10 million Refer to annexure for Details of Instruments & Bank Facilities
Detailed Rationale Crisil Ratings has assigned its 'Crisil AAA/Stable' rating to the long-term borrowing programme and its 'Crisil A1+' rating to the short-term borrowing programme of REC Limited (REC). Crisil Ratings has also reaffirmed its ratings on the other debt instruments of REC at 'Crisil AAA/Crisil PPMLD AAA/Stable/Crisil A1+'.
Crisil Ratings has withdrawn its rating on bonds worth Rs 41,895.35 crore (See ‘Annexure: Details of rating withdrawn’ for details) at the company’s request as the outstanding against the same is nil and on receipt of confirmation from the debenture trustee. The withdrawal is in line with the policy of Crisil Ratings
Crisil Ratings has also taken note of the proposed merger between REC and Power Finance Corporation Limited (PFC) and that the merged entity will continue to remain a ‘Government Company’ under the Companies Act, 2013 and other relevant laws. The merger structure is presently under consideration, and the company plans to engage external agencies, such as consultants, valuation experts, and legal advisors, to ensure a structured and timely execution of the merger, subject to obtaining all relevant regulatory approvals
The ratings continue to reflect the strategic importance of REC to the government, given the key role the company plays in financing the Indian power sector, and majority ownership by the ultimate parent, Government of India (GoI) via PFC. The ratings also factor in the company’s strong market position, adequate capitalisation and diversified resource profile. These strengths are partially offset by inherent vulnerability of the asset quality to the weak credit risk profiles of borrowers and significant sectoral and customer concentration in revenue. |
Analytical Approach For arriving at the ratings, Crisil Ratings has combined the business and financial risk profiles of REC and its subsidiaries. Furthermore, Crisil Ratings factors in support from the ultimate parent, GoI, given its key role in financing the Indian power sector and expectation of continued support to REC, albeit routed through PFC.
Please refer Annexure - List of Entities Consolidated, which captures the list of entities considered and their analytical treatment of consolidation. |
Key Rating Drivers - Strengths Strategic importance to the government, given REC’s key role in financing India’s power sector REC is strategically important to the central government as it plays an important role in the Indian power sector, not only by providing finance but also by implementing the government’s power sector policies and technical support for power related projects. REC and PFC act as the nodal agency for channeling finance towards GOI’s generation projects schemes, such as Pradhan Mantri Sahaj Bijli Har Ghar Yojana (SAUBHAGAYA) and Deen Dayal Upadhaya Gram Jyoti Yojana (DDUGJY). Furthermore, the company has been nominated as the sole nodal agency to operate the National Electricity Fund Scheme—an interest subsidy scheme introduced by the central government-to promote capital investment in the power distribution sector. Moreover, REC and PFC are the lending partners for the announced discom package. In fiscal 2022, GoI had announced late payment surcharge (LPS) scheme to address dues of discoms to generation and transmission companies. REC has been entrusted to extend financial assistance to various discoms under the rules, to clear their outstanding dues. In the same fiscal, GOI had announced the Revamped Distribution Sector Scheme (RDSS), a reforms-based and results-linked scheme with an outlay of 3.04 lakh crore over a period of five years, which would be available till fiscal 2026. REC, along with PFC has been appointed as nodal agencies for facilitating the implementation of this scheme. The scheme aims to improve operational efficiencies and financial sustainability of discoms by providing reform-linked financial assistance for strengthening the supply. Since this scheme has seen some delays in execution, the timeline of the scheme has been extended by two years till March 2028.
The company also plays a developmental role in channeling finance to meet the power sector’s large funding requirement, particularly targeted towards state power utilities, which constitute ~85% of its portfolio as on December 31, 2025.
The government supports the company financially and operationally in various ways, including conferring special status to raise capital gains tax exemption bonds. Crisil Ratings believes the Government of India has strong strategic reasons and a moral obligation to support REC, both on an ongoing basis and in the event of distress, given the latter’s role in implementing the government’s power sector policies.
Dominant market position in the power financing segment REC plays an important role in the Indian power sector, not only by providing finance but also by implementing the government’s power sector policies. REC provides project-based long-term loans for generation, transmission and distribution activities and renewable energy. Besides, the company also offers short-term loans for working capital requirement, bridge loans and debt refinancing. REC’s outstanding loan book had exposure of ~85% and ~15% to the state sector and private sector, respectively, as on December 31, 2025. The importance of REC in channelling financing to the domestic power sector is underscored by the fact that REC, together with PFC, accounted for a significant portion of the aggregate debt raised by state power utilities. Clearly, REC will remain a key financier to the state power utilities and, therefore, play a crucial role in sustaining their operations. Loans outstanding to the public sector stood at Rs 4.96 lakh crore as on December 31, 2025.
As on December 31, 2025, overall loan book stood at Rs 5.81 lakh crore (Rs 5.66 lakh crore as on March 31, 2025). In terms of loan book composition, REC has expanded into new business areas over the years, with a specific emphasis on renewable energy and infrastructure financing, which aligns strategically with the GOI’s initiatives. As on December 31, 2025, the transmission and distribution segment comprises ~45% of the loan book followed by conventional generation (26%), renewable energy (12%), infrastructure financing (10%) and others (7%)
Strong resource profile REC’s credit risk profile is supported by its sound resource profile, with competitive borrowing costs and a diversified, albeit wholesale, resource base. As on December 31, 2025, overall borrowings stood at Rs 4.99 lakh crore with domestic bonds forming the largest share at 55% followed by foreign currency borrowings at 29%, funding from banks/financial institutions at 15% and others 1%. REC’s debt instruments have wide market acceptability, and the company typically borrows at low spreads over government securities. REC has stable cost of borrowing aided by a diversified borrowing mix which stood at 7.30% for first nine months of fiscal 2026.
Adequate capitalisation REC's capital profile provides a cushion against asset-side risks arising from high sectoral and customer concentration. Networth stood at Rs 86,262 crore with gearing at 5.8 times as on December 31, 2025 (Rs 77,638 crore and 6.3 times respectively as on March 31, 2025). The networth to net NPA ratio remains comfortable at 73.1 times as on December 31, 2025. The overall capital adequacy ratio (CAR) and Tier 1 CAR also remain sufficient and stood at 24.3% and 22.3%, respectively, as on December 31, 2025 (26.0% and 23.8%, respectively, as on March 31, 2025). Furthermore, the company has demonstrated its ability to raise capital through private placement issues. Additionally, accretion to networth is supported by the company's ability to maintain stable interest spreads and a low operating expense ratio. The return on assets (RoA) ratio was 2.8% (annualized) for first nine months of fiscal 2026, against 2.7% for fiscal 2025. |
Key Rating Drivers - Weaknesses Inherent vulnerability in asset quality and significant sectoral and customer concentration REC's asset quality remains inherently vulnerable as it caters predominantly to the power sector and faces inherent asset quality challenges because of the weak financial risk profiles of its main customers, the state power utilities, Furthermore, the top 10 borrowers constitute ~37% of the total loan book as on December 31, 2025. Effective execution of various reform measures is extremely critical for state power utilities to produce the desired positive impact, and broad-based political consensus is necessary to implement the much-needed tariff hikes to ensure sustained improvement in their performance. However, REC has been able to manage overall asset quality risks in this segment on account of its criticality to borrowers and through various asset protection mechanisms. Further, REC has forayed into logistics & infrastructure sector over the last few years to diversify its loan book further.
REC also has around ~15% exposure to the private sector as on December 31, 2025, which has been vulnerable to asset quality risks because of issues such as lack of fuel availability, inability to pass on fuel price increases, and absence of long-term power purchase agreements for assured power offtake. However, due to increasing share of renewable energy in the private sector book which is not prone to stated issues and steady progress in resolution of stressed assets, REC’s asset quality has been on an improving trend with gross NPAs of 0.9% as on December 31, 2025 (2.7% as on March 31, 2024), all from its private sector book. As on December 31, 2025, ~6% of private sector loans have been recognized as stage III assets on which the company has a provision coverage of 77%. |
Liquidity Superior The Asset Liability Maturity (ALM) profile as of February 28, 2026, had positive cumulative mismatches across all periods up to 1 year bucket. Further, as on same date, REC had cash and cash equivalent of Rs 583 crore and available limits of around Rs. 14,176 crores towards working capital/ term loans from various banks apart from High Quality Liquid Assets of around Rs. 5,429 crores against debt obligation of Rs 11,489 crore over the next month. |
ESG Profile Crisil Ratings believes that REC’s Environment, Social, and Governance (ESG) profile supports its already strong credit risk profile.
The ESG profile for financial sector entities typically factors in governance as a key differentiator. The sector has reasonable social impact because of its substantial employee and customer base, and it can play a key role in promoting financial inclusion. While the sector does not have a direct adverse environmental impact, the lending decisions may have a bearing on environment.
REC has a continuous focus on strengthening various aspects of its ESG profile.
REC Finance’s key ESG Highlights:
There is growing importance of ESG among investors and lenders. REC commitment to ESG principles will play a key role in enhancing stakeholder confidence, given the sizable share of market borrowings in its overall debt and access to both domestic and foreign capital markets |
Outlook Stable Crisil Ratings believes REC will continue to benefit from government support, given its strategic role in the implementation of the government’s power sector initiatives. Moreover, REC will maintain its healthy position in the infrastructure-financing segment along with comfortable capitalisation and earnings.
In addition, the rating on the perpetual bonds remains sensitive to the capital buffer maintained by REC over regulatory capital requirements. Rating transition on these instruments could potentially be sharper than that on other debt instruments and bank facilities. |
Rating sensitivity factors Downward factors:
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About the Company Incorporated in 1969, REC is a Maharatna public financial institution under the administrative control of the Ministry of Power, Government of India. The company is registered with the Reserve Bank of India as a non-banking infrastructure finance company (NBFC-IFC). Until 2003, its primary objective was to provide financial assistance on concession to state power utilities for rural electrification. Its mandate was broadened in 2003 to include financing of all segments of the power sector. REC finances generation projects, including independent power projects. Since September 2009, the company’s mandate has been further widened to include financing activities allied to the power sector and power-related infrastructure, such as coal and other mining activities, and fuel supply arrangements. The Company’s mandate has been extended further to lend to logistics & infrastructure sector with changes in its Memorandum of Association in November 2022.
In March 2019, PFC completed the acquisition of GoI’s 52.63% stake in REC. Even after selling the government’s stake to PFC, the company continues to play its respective policy role and remains one of the nodal agencies for implementing power sector policies. Furthermore, the government continues to appoint the board and CMD (chairman-cum-managing director) of REC and also have representation on the board even after the stake sale.
REC continues to operate as a public financial institution (PFI), NBFC-IFC and a central public sector enterprise (CPSE). Also, the entity continues to accrue all the benefits it was eligible for prior to the stake sale by the government, including raising bonds under Section 54EC.
Given that PFC is majority owned by the central government and the merged entity will continue to remain a ‘Government Company’ under the Companies Act, 2013 and other relevant laws post completion of merger, Crisil Ratings believes the government will continue to be involved in matters related to the company and that PFC and the government would act in concert to support it, if required.
For fiscal 2025, REC reported profit after tax (PAT) of Rs 15,713 crore and total income (net of interest) of Rs 21,845 crore as compared with Rs 14,019 crore and Rs 17,265 crore, respectively for previous fiscal.
For the nine-month period ended December 31, 2025, REC reported profit after tax (PAT) of Rs 12,920 crore and total income (net of interest) of Rs 17,471 crore as compared with Rs 11,477 crore and Rs 15,440 crore, respectively for the corresponding period of previous fiscal. |
Key Financial Indicators
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Any other information: Not applicable |
Note on complexity levels of the rated instrument: Annexure: List of instruments and names of regulators of the instruments As required by SEBI CRA Circular dated Feb 10, 2026, a list of activities or instruments falling under the purview of various FSRs, along with the names of respective FSRs, is being disclosed below:
* Includes securitisation transactions involving assignee payout, acquirer's payout. ~ The rated instrument may involve issuance of different instruments such as debt securities (listed or otherwise), bank loans, commercial paper (listed or otherwise), etc. The regulator of the instrument may accordingly be SEBI, RBI or MCA and can only be determined upon issuance. In PRs subsequent to issuance(s), Crisil Ratings Limited shall separately capture the rated quantum details along with names of respective regulators. ^ Includes bank facilities such as liquidity facility, second loss facility that are part of securitisation transactions. # There is no instrument being rated and hence, Regulator of the Instrument is not applicable. The rating scale and definitions are being followed as stipulated in SEBI Master Circular for CRAs. @ These ratings were assigned during regulatory regime prior to introduction of SEBI CRA Circular dated Feb 10, 2026 and the investor side regulators have accordingly been included.
Note: Kindly note that for activities or instruments falling under the purview of FSRs other than SEBI, the grievance/dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available. |
Annexure - Details of Instrument(s)
Notes: Institutional bonds, 54EC Capital Gain Tax Exemption Bonds, Tax-free bonds, zero coupon bonds, infrastructure bonds and term loans from banks/financial institution are part of long-term borrowing programme,
Annexure - Details of Rating Withdrawn
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Annexure - List of Entities Consolidated
*Formerly known as REC Power Distribution Company Ltd |
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Annexure – Details of Bank Lenders/Facilities*
| Facility | Amount (Rs.Crore) | Name of lender | Rating |
| Working Capital Demand Loan | 200 | HDFC Bank | Crisil AAA/Stable |
| Working Capital Demand Loan | 300 | IDFC First Bank | Crisil AAA/Stable |
| Working Capital Demand Loan | 1000 | ICICI Bank | Crisil AAA/Stable |
| Working Capital Demand Loan | 1,000.00 | Indian Bank | Crisil AAA/Stable |
| Working Capital Demand Loan | 400 | IndusInd Bank | Crisil AAA/Stable |
| Working Capital Demand Loan | 250 | Mizuho Bank | Crisil AAA/Stable |
| Working Capital Demand Loan | 2050 | Punjab National Bank | Crisil AAA/Stable |
| Working Capital Demand Loan | 250 | RBL Bank | Crisil AAA/Stable |
| Working Capital Demand Loan | 150 | South Indian Bank | Crisil AAA/Stable |
| Working Capital Demand Loan | 7,500.00 | State Bank of India | Crisil AAA/Stable |
| Working Capital Demand Loan | 1750 | Union Bank | Crisil AAA/Stable |
| Working Capital Demand Loan | 1,000.00 | YES Bank | Crisil AAA/Stable |
| Working Capital Demand Loan | 250 | Bank of India | Crisil AAA/Stable |
| Working Capital Demand Loan | 500 | UCO Bank | Crisil AAA/Stable |
| Working Capital Demand Loan | 1000 | Bank of Baroda | Crisil AAA/Stable |
| Long-term loans | 7250 | Bank Of Baroda | Crisil AAA/Stable |
| Long-term loans | 1000 | Central Bank | Crisil AAA/Stable |
| Long-term loans | 17850 | HDFC Bank | Crisil AAA/Stable |
| Long-term loans | 9033 | ICICI Bank | Crisil AAA/Stable |
| Long-term loans | 300 | Jammu & Kashmir Bank | Crisil AAA/Stable |
| Long-term loans | 500 | Karnataka Bank | Crisil AAA/Stable |
| Long-term loans | 10000 | NSSF | Crisil AAA/Stable |
| Long-term loans | 8299 | Punjab National Bank | Crisil AAA/Stable |
| Long-term loans | 500 | South Indian Bank | Crisil AAA/Stable |
| Long-term loans | 10197 | State Bank of India | Crisil AAA/Stable |
| Long-term loans | 9999 | Union Bank of India | Crisil AAA/Stable |
| Foreign currency term loan# | 52.7948 | AfrAsia Bank Limited | Crisil AAA/Stable |
| Foreign currency term loan$ | 92.3966 | AfrAsia Bank Limited | Crisil AAA/Stable |
| Foreign currency term loan& | 231.96 | Aozora Asia Pacific Finance Limited | Crisil AAA/Stable |
| Foreign currency term loan$ | 184.7932 | Axis Bank | Crisil AAA/Stable |
| Foreign currency term loan& | 438.8103 | Bank of America, Singapore Branch | Crisil AAA/Stable |
| Foreign currency term loan$ | 6975.943 | Bank of Baroda | Crisil AAA/Stable |
| Foreign currency term loan$ | 554.3796 | Bank of China | Crisil AAA/Stable |
| Foreign currency term loan# | 359.0046 | Bank of China | Crisil AAA/Stable |
| Foreign currency term loan$ | 5728.589 | Bank of India | Crisil AAA/Stable |
| Foreign currency term loan& | 334.6168 | Bank of India | Crisil AAA/Stable |
| Foreign currency term loan$ | 92.3966 | Bank of Kaohsiung | Crisil AAA/Stable |
| Foreign currency term loan& | 57.99 | Bank of Kaohsiung | Crisil AAA/Stable |
| Foreign currency term loan$ | 494.3218 | Bank of Taiwan | Crisil AAA/Stable |
| Foreign currency term loan# | 105.5896 | Bank of Taiwan | Crisil AAA/Stable |
| Foreign currency term loan& | 115.98 | Bank of the Philippine Islands | Crisil AAA/Stable |
| Foreign currency term loan$ | 138.5949 | Bank SinoPac | Crisil AAA/Stable |
| Foreign currency term loan$ | 9378.255 | Canara Bank | Crisil AAA/Stable |
| Foreign currency term loan& | 420.6604 | Canara Bank | Crisil AAA/Stable |
| Foreign currency term loan$ | 498.9416 | Chang Hwa Commercial Bank Ltd. | Crisil AAA/Stable |
| Foreign currency term loan$ | 1108.759 | CITI Bank | Crisil AAA/Stable |
| Foreign currency term loan& | 877.6207 | CITI Bank | Crisil AAA/Stable |
| Foreign currency term loan& | 57.99 | COTA Commercial Bank, Ltd | Crisil AAA/Stable |
| Foreign currency term loan& | 1738.598 | Crédit Agricole Corporate & Investment Bank | Crisil AAA/Stable |
| Foreign currency term loan$ | 129.3552 | CTBC Bank Co., Ltd. | Crisil AAA/Stable |
| Foreign currency term loan$ | 3446.393 | DBS Bank | Crisil AAA/Stable |
| Foreign currency term loan& | 768.669 | DBS Bank | Crisil AAA/Stable |
| Foreign currency term loan% | 1538.811 | DBS Bank | Crisil AAA/Stable |
| Foreign currency term loan& | 3572.532 | Deutsche Bank | Crisil AAA/Stable |
| Foreign currency term loan$ | 2771.898 | EXIM Bank | Crisil AAA/Stable |
| Foreign currency term loan# | 105.5896 | Export Import Bank of the Republic of China | Crisil AAA/Stable |
| Foreign currency term loan$ | 429.6442 | First Commercial Bank Ltd | Crisil AAA/Stable |
| Foreign currency term loan# | 105.5896 | First Commercial Bank Ltd | Crisil AAA/Stable |
| Foreign currency term loan& | 86.985 | First Commercial Bank Ltd | Crisil AAA/Stable |
| Foreign currency term loan& | 86.985 | Fukuoka Bank | Crisil AAA/Stable |
| Foreign currency term loan$ | 1385.949 | HDFC Bank | Crisil AAA/Stable |
| Foreign currency term loan& | 1014.542 | HDFC Bank | Crisil AAA/Stable |
| Foreign currency term loan$ | 3141.484 | HSBC Bank | Crisil AAA/Stable |
| Foreign currency term loan# | 1311.14 | HSBC Bank | Crisil AAA/Stable |
| Foreign currency term loan$ | 725.3133 | Hua Nan Commercial Bank, Ltd. | Crisil AAA/Stable |
| Foreign currency term loan# | 211.1792 | Hua Nan Commercial Bank, Ltd. | Crisil AAA/Stable |
| Foreign currency term loan& | 173.97 | Hua Nan Commercial Bank, Ltd. | Crisil AAA/Stable |
| Foreign currency term loan$ | 2771.898 | ICICI Bank | Crisil AAA/Stable |
| Foreign currency term loan$ | 1801.734 | IDBI Bank | Crisil AAA/Stable |
| Foreign currency term loan$ | 1385.949 | Indian Bank | Crisil AAA/Stable |
| Foreign currency term loan$ | 785.3711 | Indian Overseas Bank | Crisil AAA/Stable |
| Foreign currency term loan& | 115.98 | Iyo Bank | Crisil AAA/Stable |
| Foreign currency term loan& | 438.8103 | KFW IPEX- Bank GMBH | Crisil AAA/Stable |
| Foreign currency term loan& | 543.6917 | Kotak Mahindra Bank Ltd | Crisil AAA/Stable |
| Foreign currency loan$ | 3569.175 | Kreditanstalt für Wiederaufbau | Crisil A1+ |
| Foreign currency loan# | 269.8385 | Kreditanstalt für Wiederaufbau | Crisil A1+ |
| Foreign currency term loan$ | 475.8425 | Mega International Commercial Bank | Crisil AAA/Stable |
| Foreign currency term loan& | 5097.189 | Mizuho Bank | Crisil AAA/Stable |
| Foreign currency term loan$ | 3788.261 | MUFG Bank | Crisil AAA/Stable |
| Foreign currency term loan# | 830.6203 | MUFG Bank | Crisil AAA/Stable |
| Foreign currency term loan& | 1714.899 | MUFG Bank | Crisil AAA/Stable |
| Foreign currency term loan$ | 2771.898 | New Development Bank | Crisil AAA/Stable |
| Foreign currency term loan$ | 2217.518 | Punjab National Bank | Crisil AAA/Stable |
| Foreign currency term loan& | 832.6494 | Punjab National Bank | Crisil AAA/Stable |
| Foreign currency term loan& | 4213.679 | SMBC Bank | Crisil AAA/Stable |
| Foreign currency term loan$ | 19819.52 | State Bank of India | Crisil AAA/Stable |
| Foreign currency term loan# | 2627.743 | State Bank of India | Crisil AAA/Stable |
| Foreign currency term loan& | 1868.554 | State Bank of India | Crisil AAA/Stable |
| Foreign currency term loan& | 173.97 | State Bank of India, Shinsei | Crisil AAA/Stable |
| Foreign currency term loan$ | 138.5949 | Sunny Bank Ltd. | Crisil AAA/Stable |
| Foreign currency term loan$ | 216.208 | Taipei Fubon Commercial Bank Co | Crisil AAA/Stable |
| Foreign currency term loan& | 260.955 | Taipei Fubon Commercial Bank Co | Crisil AAA/Stable |
| Foreign currency term loan# | 422.3584 | Taipei Fubon Commercial Bank Co | Crisil AAA/Stable |
| Foreign currency term loan# | 246.2559 | Taishin International Bank Co., Ltd | Crisil AAA/Stable |
| Foreign currency term loan$ | 337.2476 | Taiwan Business Bank | Crisil AAA/Stable |
| Foreign currency term loan& | 86.985 | Taiwan Business Bank | Crisil AAA/Stable |
| Foreign currency term loan$ | 401.9252 | Taiwan Cooperative Bank | Crisil AAA/Stable |
| Foreign currency term loan& | 86.985 | Taiwan Cooperative Bank | Crisil AAA/Stable |
| Foreign currency term loan& | 115.98 | The 77 Bank, Ltd | Crisil AAA/Stable |
| Foreign currency term loan$ | 26795.01 | The Bank of New York Mellon | Crisil AAA/Stable |
| Foreign currency term loan& | 3543.189 | The Bank of New York Mellon | Crisil AAA/Stable |
| Foreign currency term loan$ | 236.5353 | THE BANK OF YOKOHAMA | Crisil AAA/Stable |
| Foreign currency term loan& | 46.392 | The Chiba Bank | Crisil AAA/Stable |
| Foreign currency term loan$ | 46.1983 | The Gunma Bank Ltd | Crisil AAA/Stable |
| Foreign currency term loan& | 173.97 | The Gunma Bank Ltd | Crisil AAA/Stable |
| Foreign currency term loan$ | 595.9581 | The Korea Development Bank | Crisil AAA/Stable |
| Foreign currency term loan$ | 152.4544 | The Nishi-Nippon City Bank, Ltd | Crisil AAA/Stable |
| Foreign currency term loan& | 289.95 | The Norinchukin Bank | Crisil AAA/Stable |
| Foreign currency term loan$ | 129.3552 | The Shanghai Commercial & Saving Bank Ltd | Crisil AAA/Stable |
| Foreign currency term loan$ | 92.3966 | The Shiga Bank Ltd | Crisil AAA/Stable |
| Foreign currency term loan& | 57.99 | The Shiga Bank Ltd | Crisil AAA/Stable |
| Foreign currency term loan$ | 184.7932 | The Woori Bank Ltd | Crisil AAA/Stable |
| Foreign currency term loan$ | 1062.561 | UCO Bank | Crisil AAA/Stable |
| Foreign currency term loan$ | 2217.518 | Union Bank of India | Crisil AAA/Stable |
*Bank Lenders are part of Borrowing program of company
$Exchange rate as on March 16, 2026: 1 USD = INR 92.3966
#Exchange rate as on March 16, 2026: 1 EUR = INR 105.5896
&Exchange rate as on March 16, 2026: 1 JPY = INR 0.5799
%Exchange rate as on March 16, 2026: 1 SGD = INR 72.1735
*This RR was updated on April 16, 2026
Criteria Details
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