MUNPL's Credit Rating Upgrade Marks a New Era in Uttar Pradesh's Power Sector
Meja Urja Nigam Private Ltd's (MUNPL) credit rating has been upgraded to A+ by CARE Ratings, reflecting the company's robust operational and financial performance. The Uttar Pradesh-based power joint venture reported significant revenue and net profit for FY24 and aims to expand its capacity further.
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CARE Ratings has announced an upgrade in the credit rating of Meja Urja Nigam Private Ltd (MUNPL) to A+ with a stable outlook. This change signals the company's robust financial health and operational efficiency.
MUNPL, located in Uttar Pradesh, is a 50:50 joint venture of NTPC Ltd and Uttar Pradesh Rajya Vidyut Utpadan Nigam Ltd. The recent upgrade reflects MUNPL's strong financial performance, with a reported revenue of Rs 4,283 crore and a net profit of Rs 348 crore for FY24.
The company has achieved remarkable commercial generation figures and has ambitious plans for further capacity expansion, positioning itself as a leading power producer in Uttar Pradesh.
(With inputs from agencies.)
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