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.

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.)