Bangalore, Mar 31: In recognistion for its 4,000 crore domestic borrowing, which is helping to finance the development of its world class oil fields in Rajasthan, the Credit Analysis and Research limited (CARE) has awarded Carin India a Triple A ration.
Cairn India bagged the CARE AAA rating for helping fund the Rajasthan project by arranging USD 1.6 billion deal in Oct 2009.
The international borrowing of USD 750 million was provided by a consortium of overseas commercial banks led by Standard Chartered Bank and the International Finance Corporation, a member of the World Bank Group, a press statement issued on Wednesday, Mar 31 said.
The domestic borrowing of INR 4000 crore was underwritten by the State Bank of India, who have syndicated to other banks and financial institutions, including Canara Bank, Bank of India, Oriental Bank of Commerce, Bank of Baroda, HDFC Bank and Infrastructure Development and Finance Corporation, it added,
The whole facility in Rajasthan was established with the help of both Indian rupees and US dollars. This was made possible by Cairn India, which successfully reached out to both the domestic and international markets.
CARE's Triple A rating is applies to the total facilities of up to INR 5,000 crore, of which INR 4,000 crore is already in place as set out above.
In response to the company being awarded the rating, Indrajit Banerjee, Executive Director and Chief Financial Officer said, “Cairn India is very pleased to have been awarded the Triple A rating by CARE. It is a further endorsement of the world class Rajasthan project, which has the potential to provide long term value to stakeholders across India."