AA+ reaffirmed for Gujarat Gas debentures
Mumbai: Crisil has reaffirmed the AA+ rating assigned to Gujarat Gas Company Ltd's (GGCL) Rs 7,500-crore non-convertible debenture programme.

The ratings reflect GGCL's widespread natural gas distribution infrastructure and its contract to purchase additional NG from Cairns Energy. Higher gas transmission revenues from the Hazira-Ankleshwar gas pipeline is expected to stabilise GGCL's cash flows, a news release said.

The rating agency has warned of probable exposure to bulk customers with a potentially weak credit quality.

The company has not yet tied up the marketing of almost 80 per cent of additional volumes purchased, the release said.
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Narmada bond mops up Rs 350 cr
Gandhinagar: The latest private placement of the Narmada bond, which has been under way since February, has mopped up Rs 350 crore till date.

The private placement of the Narmada bond was originally for Rs 250 crore, which was met on 2 April.

The current private placement is set to raise the funds raised by SSNNL from the market, both public and private, to Rs 4,500 crore. The SSP, whose cost estimate had stood at Rs 26,000 crore some two years back, has incurred an expenditure of Rs 12,098.85 crore as of 31 December 2001.
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