Infrastructure Sector Ratings
ICRA’s Infrastructure Sector Ratings encompass the Ratings assigned to debt programmes of issuers in the power, roads, telecommunications and other such infrastructure related sectors. Given the huge funding requirement in these sectors and the growing inability of the Government, both at the Centre and State, to fund such projects, private sector initiatives in infrastructure projects has come to assume paramount importance. At the same time, infrastructure projects are capital intensive, involve high leveraging, and have a long gestation period. Such projects require innovative structuring to make them bankable. ICRA, therefore, expects that Ratings in this sector will increasingly gain importance both from the issuers’ and the investors’ perspective. The Rating process involves an assessment of the fundamental viability of the project, being financed, a rigorous analysis of the political, legal and regulatory environment affecting the sector, and the contractual framework for mitigating risks. The rating sprocess also entails assessment of the specific credit enhancement mechanisms that the issuer may put in place to achieve a higher Rating compared with the one that would have otherwise achieved.
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z All

Company Name Sector Name Long Term Medium Term Short Term Issuer Outlook
A Power Himalayas Limited
Rationale / Rating Methodologies
Miscellaneous ^ -- -- -- --
Acciona Wind Energy Pvt Ltd
Rationale / Rating Methodologies
Power [ICRA]AA- -- -- -- Stable
Acme Cleantech Solutions Private Limited
Rationale / Rating Methodologies
Miscellaneous ^ -- ^ -- --
Acme Solar Technologies (Gujarat) Private Limited
Rationale / Rating Methodologies
Power ^ -- -- -- --
Acme Telecom Assets Limited
Rationale / Rating Methodologies
Telecom ^ -- -- -- --
Adani Logistics Limited
Rationale / Rating Methodologies
Logistics * -- -- -- --
Adani Petronet (Dahej) Port Private Limited
Rationale / Rating Methodologies
Ports * -- -- -- --
Adani Ports and Special Economic Zone Limited
Rationale / Rating Methodologies
Ports [ICRA]AA+ -- -- -- Stable
Adani Ports and Special Economic Zone Limited
Rationale / Rating Methodologies
Ports [ICRA]AA+ -- -- -- Stable
Adani Ports and Special Economic Zone Limited
Rationale / Rating Methodologies
Ports -- -- [ICRA]A1+ -- --
Adani Power Limited
Rationale / Rating Methodologies
Miscellaneous * -- * -- --
Adani Power Maharashtra Limited
Rationale / Rating Methodologies
Power * -- -- -- --
Adilabad Expressway Private Limited
Rationale / Rating Methodologies
Roads [ICRA]D -- -- -- --
Adino Telecom Limited
Rationale / Rating Methodologies
Telecom [ICRA]B+ ISSUER NOT COOPERATING -- -- -- Stable
Adino Telecom Limited
Rationale / Rating Methodologies
Telecom -- -- [ICRA]A4 ISSUER NOT COOPERATING -- --
Adino Telecom Limited
Rationale / Rating Methodologies
Telecom [ICRA]B+ ISSUER NOT COOPERATING -- [ICRA]A4 ISSUER NOT COOPERATING -- Stable
Adino Telecom Limited
Rationale / Rating Methodologies
Telecom [ICRA]B+ ISSUER NOT COOPERATING -- [ICRA]A4 ISSUER NOT COOPERATING -- Stable
Aditi Express Cargo (India) Private Limited
Rationale / Rating Methodologies
Miscellaneous ^ -- -- -- --
AGC Networks Limited
Rationale / Rating Methodologies
Telecom ^ -- ^ -- --
Aglar Power Limited
Rationale / Rating Methodologies
Miscellaneous ^ -- -- -- --
Aircel Cellular Limited
Rationale / Rating Methodologies
Telecom [ICRA]D ISSUER NOT COOPERATING -- -- -- --
Aircel Limited
Rationale / Rating Methodologies
Miscellaneous [ICRA]D ISSUER NOT COOPERATING -- -- -- --
Aircel Smart Money Limited
Rationale / Rating Methodologies
Telecom [ICRA]D ISSUER NOT COOPERATING -- -- -- --
Airports Authority of India
Rationale / Rating Methodologies
Aviation -- -- * -- --
Airports Authority of India
Rationale / Rating Methodologies
Aviation [ICRA]AAA -- -- -- Stable
Airports Authority of India
Rationale / Rating Methodologies
Aviation [ICRA]AAA -- [ICRA]A1+ -- Stable
Airports Authority of India
Rationale / Rating Methodologies
Aviation * -- -- -- --
Akshaya Solar Power (India) Private Limited
Rationale / Rating Methodologies
Miscellaneous ^ -- ^ -- --
Allahabad Bypass Pathways Private Limited
Rationale / Rating Methodologies
Roads * -- -- -- --
Alwar Power Company Private Limited
Rationale / Rating Methodologies
Miscellaneous ^ -- -- -- --
Aman Home Appliances Pvt. Ltd.
Rationale / Rating Methodologies
Electronics and Electricals ^ -- -- -- --
Ambuthirtha Power Private Limited
Rationale / Rating Methodologies
Power [ICRA]BB+ -- -- -- Negative
AMR Power Private Limited
Rationale / Rating Methodologies
Miscellaneous ^ -- -- -- --
Andhra Pradesh Central Power Distribution Company Limited
Rationale / Rating Methodologies
Public finance ^ -- ^ -- --
Andhra Pradesh Expressway Limited
Rationale / Rating Methodologies
Roads [ICRA]AAA(SO) -- -- -- Stable
Anubhav Hydel Power Private Limited
Rationale / Rating Methodologies
Miscellaneous * -- -- -- --
Aravali Power Company Private Limited
Rationale / Rating Methodologies
Power [ICRA]A -- -- -- Stable
Aravali Power Company Private Limited
Rationale / Rating Methodologies
Power -- -- [ICRA]A1 -- --
Aravali Power Company Private Limited
Rationale / Rating Methodologies
Power [ICRA]A -- -- -- Stable
Argo Systems FZE
Rationale / Rating Methodologies
Shipbreaking ^ -- ^ -- --
Arhyama Solar Power Private Limited
Rationale / Rating Methodologies
Power [ICRA]B+ ISSUER NOT COOPERATING -- -- -- Stable
Arkay Energy (Rameswaram) Limited
Rationale / Rating Methodologies
Miscellaneous ^ -- ^ -- --
ARS Energy Private Limited
Rationale / Rating Methodologies
Power ^ -- -- -- --
Ascend Telecom Infrastructure Private Limited
Rationale / Rating Methodologies
Telecom [ICRA]A- -- -- -- Negative
Ascend Telecom Infrastructure Private Limited
Rationale / Rating Methodologies
Telecom [ICRA]A- -- -- -- Negative
Ascend Telecom Infrastructure Private Limited
Rationale / Rating Methodologies
Telecom -- -- [ICRA]A2+ -- --
Ashutosh Container Services Private Limited
Rationale / Rating Methodologies
Port support services [ICRA]BBB -- -- -- Stable
Ashutosh Container Services Private Limited
Rationale / Rating Methodologies
Port support services [ICRA]BBB -- -- -- Stable
Asian Aero-Edu Aviation Private Limited
Rationale / Rating Methodologies
Power ^ -- -- -- --
Aster Private Limited
Rationale / Rating Methodologies
Telecom ^ -- ^ -- --
Astha Projects (India) Limited
Rationale / Rating Methodologies
Miscellaneous ^ -- -- -- --
AT Hydro Private Limited
Rationale / Rating Methodologies
Miscellaneous * -- -- -- --
ATC Telecom Infrastructure Private Limited
Rationale / Rating Methodologies
Telecom [ICRA]AA- -- -- -- Stable
ATC Telecom Infrastructure Private Limited
Rationale / Rating Methodologies
Telecom [ICRA]AA- -- -- -- Stable
ATC Telecom Infrastructure Private Limited
Rationale / Rating Methodologies
Telecom -- -- [ICRA]A1+ -- --
ATC Telecom Infrastructure Private Limited
Rationale / Rating Methodologies
Telecom [ICRA]AA- -- -- -- Stable
Athena Energy Ventures Private Limited
Rationale / Rating Methodologies
Miscellaneous * -- * -- --
Atria Brindavan Power Limited
Rationale / Rating Methodologies
Power ^ -- ^ -- --
Auro Mira Bio Energy Madurai Limited
Rationale / Rating Methodologies
Power ^ -- ^ -- --
Auro Mira Bio Power India Private Limited
Rationale / Rating Methodologies
Power ^ -- ^ -- --
Avartanah Infrastructure Private Limited
Rationale / Rating Methodologies
Construction * -- -- -- --
Ayodhya Gorakhpur SMS Tolls Private Limited
Rationale / Rating Methodologies
Roads * -- * -- --
Azure Power India Private Limited
Rationale / Rating Methodologies
Power ^ -- -- -- --
Bangalore Electricity Supply Company Limited
Rationale / Rating Methodologies
Power [ICRA]A- -- -- -- Stable
Bangalore International Airport Limited
Rationale / Rating Methodologies
Aviation [ICRA]AA -- -- -- Stable
Bangalore International Airport Limited
Rationale / Rating Methodologies
Aviation [ICRA]AA -- -- -- Stable
Bansal Pathways (Damoh - Katni) Private Limited
Rationale / Rating Methodologies
Roads ^ -- -- -- --
Barasat Krishnagar Expressways Limited
Rationale / Rating Methodologies
Roads [ICRA]D ISSUER NOT COOPERATING -- -- -- --
Belgaum Wind farm Private Limited
Rationale / Rating Methodologies
Power * -- -- -- --
Betul Wind Farms Limited
Rationale / Rating Methodologies
Power * -- -- -- --
BGR Energy Systems Limited
Rationale / Rating Methodologies
Engineering ^ -- ^ -- --
Bhadreshwar Vidyut Private Limited
Rationale / Rating Methodologies
Power [ICRA]D ISSUER NOT COOPERATING -- -- -- --
Bhadreshwar Vidyut Private Limited
Rationale / Rating Methodologies
Power -- -- [ICRA]D ISSUER NOT COOPERATING -- --
Bhadreshwar Vidyut Private Limited
Rationale / Rating Methodologies
Power [ICRA]D ISSUER NOT COOPERATING -- -- -- --
Bharat Sanchar Nigam Limited
Rationale / Rating Methodologies
Telecom * -- -- -- --
Bharti Airtel Limited
Rationale / Rating Methodologies
Telecom [ICRA]AA -- -- -- Stable
Bharti Airtel Limited
Rationale / Rating Methodologies
Telecom -- -- [ICRA]A1+ -- --
Bharti Airtel Limited
Rationale / Rating Methodologies
Telecom [ICRA]AA -- -- -- Stable
Bharti Airtel Limited
Rationale / Rating Methodologies
Telecom [ICRA]AA -- -- -- Stable
Bharti Airtel Limited
Rationale / Rating Methodologies
Telecom -- -- [ICRA]A1+ -- --
Bharti Infratel Limited
Rationale / Rating Methodologies
Telecom [ICRA]AA+ -- -- -- Stable
Bharti Infratel Limited
Rationale / Rating Methodologies
Telecom -- -- [ICRA]A1+ -- --
Bhopal Dhule Transmission Company Limited
Rationale / Rating Methodologies
Power [ICRA]AAA -- -- -- Stable
Bina Power Supply Company Limited
Rationale / Rating Methodologies
Miscellaneous * -- -- -- --
BLA Power Private Limited
Rationale / Rating Methodologies
Miscellaneous ^ -- ^ -- --
BSCPL Godhra Tollways Limited
Rationale / Rating Methodologies
Roads ^ -- -- -- --
BSES Kerala Power Limited
Rationale / Rating Methodologies
Power * -- * -- --
Capital Electech Pvt. Ltd.
Rationale / Rating Methodologies
Power ^ -- ^ -- --
Cauvery Power Generation Chennai Private Limited
Rationale / Rating Methodologies
Miscellaneous ^ -- -- -- --
Celerity Power Private Limited
Rationale / Rating Methodologies
Miscellaneous * -- -- -- --
CEPCO Industries Private Limited
Rationale / Rating Methodologies
Power ^ -- -- -- --
CESC Limited
Rationale / Rating Methodologies
Power -- -- [ICRA]A1+ -- --
Chennai Container Terminal Private Limited
Rationale / Rating Methodologies
Ports -- -- * -- --
Chennai Elevated Tollway Limited
Rationale / Rating Methodologies
Roads ^ -- -- -- --
Chennai International Terminals Private Limited
Rationale / Rating Methodologies
Port support services [ICRA]AA(SO) -- -- -- Stable
Chennai International Terminals Private Limited
Rationale / Rating Methodologies
Port support services -- -- [ICRA]A1 -- --
Chennai International Terminals Private Limited
Rationale / Rating Methodologies
Port support services -- -- [ICRA]A1 -- --
Chhapra Hajipur Expressways Limited
Rationale / Rating Methodologies
Roads [ICRA]D -- -- -- --
Chhapra Hajipur Expressways Limited
Rationale / Rating Methodologies
Roads [ICRA]D -- -- -- --
Chhindwara Infrastructure Private Limited
Rationale / Rating Methodologies
Power ^ -- -- -- --