NTPC & UPRVUNL JV Meja Urja Nigam Gets CARE AA-; Stable Upgrade

Noida: Meja Urja Nigam Private Limited (MUNPL), a 50:50 joint venture between NTPC Limited and Uttar Pradesh Rajya Vidyut Utpadan Nigam Limited, has received an upgrade in its credit rating from CARE Edge Ratings Limited. The rating agency has upgraded the Company’s long-term bank facilities to CARE AA-; Stable from CARE A+; Stable, reflecting MUNPL’s strong operational performance, stable financial profile, and the robust regulatory framework governing the Indian power sector.

The rating upgrade covers Long-Term Bank Facilities of ₹7,363.20 crore, which have been upgraded to CARE AA-; Stable from CARE A+; Stable, and Long-Term/Short-Term Bank Facilities of ₹200 crore, which have been upgraded to CARE AA-; Stable / CARE A1+ from CARE A+; Stable / CARE A1.

Backed by the strong operational and managerial expertise of its promoters, NTPC Limited and UPRVUNL, MUNPL continues to maintain stable operational performance and healthy liquidity. The long-term cost-plus PPAs, established payment security mechanisms, and consistent cash flows provide strong financial visibility for the Company going forward. On the occasion, Sh. G. Srinivasa Rao,CEO,Meja Urja Nigam said “The rating upgrade reflects our sustained focus on operational excellence, technical reliability, and long‑term value creation for all stakeholders.”

 

Further Sh. Angshu Barua, Chief Financial Officer said “ “The improved rating underscores our strengthened financial profile, driven by stable cash flows, disciplined deleveraging, and improved operational performance.” The Upgradation of these ratings reflects MUNPL’s strong financial discipline and robust operational performance, further strengthening the confidence of investors, lenders, and other stakeholders in the Company’s long-term growth prospects and financial stability.