India Ratings Upgrades Runaya Refining to ‘IND BBB+’/Positive

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India Ratings Upgrades Runaya Refining to 'IND BBB+'/Positive


Mumbai, August 2, 2022: India Ratings and Research (Ind-Ra) has today upgraded Runaya Refining LLP's (RRL) Long-Term Issuer Rating to 'IND BBB+' from 'IND BBB'. Additionally, the fund-based working capital limits (Long term) has been upgraded to BBB+/Positive outlook, while its limits ( Short term) has 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 two hot aluminium dross processing units at VL's subsidiary Bharat Aluminium Company Ltd's (BALCO) Korba (Chhattisgarh).

Runaya Refining is a limited liability partnership incorporated in 2017 by Annanya Agarwal and Naivedya Agarwal which has set up dross refining units (hot and cold) for the extraction of metal based on fixed processing fee and manufacturing aluminium oxide briquettes (30,000 metric ton per annum) using waste from Vedanta's aluminium smelter. The plant is in Jharsuguda (Odisha) having an installed capacity of 28,800MT.

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."

About Runaya:

Runaya's vision is to deploy cutting-edge technology to enable innovation, sustainability, and efficiency improvement in the natural resources industry. The key focus of Runaya is on executing projects that enable a circular economy and promote the concept of waste to wealth. In addition to ground support products, Runaya's portfolio includes sustainability solutions for the aluminium industry, minor metals recovery, gas atomized metallurgical powders and other semi-finished products for the telecommunication cable and steel industries. Please visit for more.

About India Ratings and Research:

India Ratings and Research (Ind-Ra) is India's most respected credit rating agency committed to providing India's credit markets accurate, timely and prospective credit opinions. Built on a foundation of independent thinking, rigorous analytics, and an open and balanced approach towards credit research, Ind-Ra has grown rapidly during the past decade, gaining significant market presence in India's fixed income market.

For further information, please contact:

Pallavi Roy | +91 78087 11522|