CRISIL

Waste-to-energy producer SAEL has raised Rs 1,325 crore by issuing AA rated bonds to top notch institutional investors such as Tata Cleantech Capital, Kotak Infra Debt, Aseem Infrastructure Finance and India Infradebt, according to a company statement.
The bonds have a 10 year tenure and will be used for long term financing of the company’s ambitious plan to develop an IPO-ready renewable energy company.

India Infradebt has lended funds to SAEL

The Reserve Bank of India (RBI) has permitted non-banking finance companies operating as Infrastructure Debt Fund (IDF-NBFCs) to raise money through external commercial borrowings (ECBs). These borrowings will be subject to a minimum tenor of five years, and IDF-NBFCs are prohibited from sourcing the ECB loans from the foreign branches of Indian banks, as stated by the RBI in communication to the companies.

RBI allows IDF-NBFCs to raise money via external commercial borrowings

Regulations require all IDFs to take exposure only in operational infrastructure projects with at least one year of satisfactory commercial operations, mitigating the construction and execution risk. However, the inherent nature of the business  of  infrastructure  financing  means  that the company  is  exposed  to  project  risks  and  the  exposures  are concentrated. Hence, the portfolio would remain vulnerable to asset quality shocks in case of slippages in a few key exposures, which may adversely affect its profitability.

The issuer has made timely interest payments.

Mr. Suvek Nambiar, MD and CEO

The ratings draw comfort from the company’s experienced senior management team with considerable expertise in the infrastructure financing space. Infradebt has a demonstrated track record in underwriting and superior  risk management.  It is  expected  to  follow  prudent  policies  while  increasing  the  scale  of  operations  with  sectoral diversification.

Infradebt can raise resources through the issuance of bonds with a minimum maturity of five years and through the loan route via external commercial borrowings with a minimum tenure of five years. Shorter-tenure bonds and commercial paper are not allowed beyond  10%  of  the  outstanding  debt.


Infradebt’s capitalisation remains comfortable with a net  worth  of Rs.  3,106  crore, a capital  adequacy  ratio   of 19.8%  against  the  regulatory  requirement  of  15% ,and a gearing  of 6.3 times  as  on March  31, 2024. Infradebt  was  set  up  by  ICICI  Bank  Limited,  Bank  of  Baroda,  Citicorp  Finance  (India)  Limited  and  Life  Insurance Corporation of India Limited in October 2012.

Security Name: 8.45% India Infradebt Limited 18 May 2028

ISIN: INE537P08024

AAA Stable

IND

AAA Stable

CRISIL

Subordinated Tier 2

Unsecured

India Infradebt Limited

India Infradebt has lended funds to SAEL

RBI allows IDF-NBFCs to raise money via external commercial borrowings

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as on Sep 17, 2025

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