India: Uttarakhand  tunnel collapse: All eyes on Hyderabad-based Navayuga Engineering

0
200

The company is a part of the Navayuga group and has been in the business for over three decades

Last April, ratings agency CareEdge revised the unlisted NECL’s long-term bank facilities to CARE A rating from Care A- (minus).Last April, ratings agency CareEdge revised the unlisted NECL’s long-term bank facilities to CARE A rating from Care A- (minus).

The collapse of a tunnel in Uttarakhand that is part of the Char Dham project has raised questions around Navayuga Engineering Construction Limited (NECL), the company responsible for its construction. Just what is Navayuga all about and what projects has it worked on?

Last April, ratings agency CareEdge revised the unlisted NECL’s long-term bank facilities to CARE A rating from Care A- (minus). The short-term facility was also rerated. “The revision in the ratings assigned to the bank facilities of NECL take into account significant improvement in the financial position with fructification of debt reduction initiatives undertaken by the company,” the report said. There has been no credit rating report on NCEL for at least 18 months.

The article appeared in the Business Today. The original article can be accessed here.