EcoVadis is one of the world’s trusted providers of business sustainability ratings, assessing companies on environment, labour & human rights, ethics, and sustainable procurement. This recognition affirms Granules’ robust sustainability practices and transparency in its business operations.

The company’s first-ever corporate-level submission to EcoVadis builds on years of operational and environmental excellence across its manufacturing footprint. The rating reflects the company’s purpose-driven transformation journey — Healing lives responsibly through pioneering green science — and aligns with its broader sustainability goals, including science-based climate targets, greener chemistry platforms, and safer workplace practices.

“This Gold rating is more than a recognition — it’s a reminder that we are choosing to grow differently by placing sustainability at the heart of our progress,” said Dr. Krishna Prasad Chigurupati, Chairman and Managing Director of Granules India. “It is a moment of pride, but also one of responsibility to continue raising the bar as we build a more resilient and responsible future.”

Priyanka Chigurupati, Executive Director, added: “We deeply value the trust and partnership of our customers and suppliers. This milestone is a shared win — a testament to what’s possible when we act together with ‘One Planet, One Purpose’.”

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CRISIL has stated that “The systems are regularly upgraded to pre-empt market failures”. CRISIL has reaffirmed the outlook for NSE Clearing as “Stable” and states that, “NSE Clearing will maintain its strong market position due to its association with NSE and will sustain its comprehensive risk management systems and adequate core SGF commensurate with the clearing volumes, over the medium term.” On an ongoing basis, NSE Clearing continues to address the risks in clearing and settlement with its stringent norms for selection of members, robust margining system, and risk-based position limits and surveillance mechanism.

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INDIA: CRISIL upgraded its rating on Vedanta’s long-term bank facilities and debt instruments to ‘AA’ from ‘AA-’ while reaffirming the short-term rating at A1+.

“The rating upgrade factors the expected material improvement in the consolidated operating profitability (earnings before interest, tax, depreciation, and amortization [Ebitda]) of Vedanta along with improved capital structure with a reduction in debt and leverage to below rating thresholds,” CRISIL said in its rating rationale.

CRISIL has noted that Vedanta’s consolidated operating profitability (EBITDA, excluding brand and management fees to VRL) is expected to increase to more than Rs 45,000 crore in fiscal 2025, mainly supported by volume growth in aluminum, zinc international, and iron ore segments, improved cost efficiencies in zinc and aluminum and healthy metal prices. EBITDA is expected to improve further in fiscal 2026, with the expected completion of ongoing capital expenditure (capex) for capacity increase and operating efficiency improvement, especially in the aluminum business, it added.

This is the second upgrade for Vedanta by a major credit agency in the last three months. In September, ICRA upgraded Vedanta Limited’s long-term credit rating to AA from AA-, citing the company’s strengthened credit profile.

In its rating rationale, CRISIL has also factored in Vedanta’s moves to deleverage its balance sheet and improve financial flexibility. “The promoters and group management have been articulating about increased focus on deleveraging balance sheets at VRL as well as at operating levels. This commitment has been reflected in recent fundraising events such as QIP and OFS by Vedanta, and stake sale by VRL which have resulted in cumulative fundraising of USD 1.9 billion by the group during April-August 2024.” the rating agency said, while expecting Vedanta’s net debt to continue declining further after FY 2025 as well.

Vedanta’s ability to withstand cyclicality in the commodity business and lower cost of production are other important factors highlighted by the rating agency. “The Vedanta group operates across various businesses spanning zinc, lead, silver, aluminum, oil and gas, iron ore, power, and steel. The group is among the largest producers in all these segments, thus commanding a strong position in the domestic market. A well-diversified business risk profile cushions the group from commodity-specific risks and cyclicality.” CRISIL said. 

CRISIL Ratings has taken note of the admission of the proposed demerger of Vedanta businesses into separate listed companies to the National Company Law Tribunal (NCLT), increasing the likelihood of successful completion of the demerger.

Vedanta’s UK-based parent – Vedanta Resources Limited – also recently received rating upgrades from an international credit agency. US-based Moody’s upgraded Vedanta Resources Ltd.’s (VRL) corporate family rating to B2 from B3 and the rating on the company’s senior unsecured bonds to B3 from Caa1. Further, last month Fitch also published Vedanta Resources’ first-time “B-” Rating with a Positive outlook.

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INDIA: CapitaLand India Trust (CLINT) has achieved the highest 5-star rating for standing investments in the 2024 GRESB Real Estate Assessment for the first time, placing CLINT in the top 20% of the benchmark globally. CLINT was awarded a total score of 90 out of 100, making it the 19th highest among listed companies in Asia. CLINT advanced from its 4-star rating for standing investments in 2023, which was its inaugural submission, and maintained its 4-star rating under the development category.

Mr Gauri Shankar Nagabhushanam, Chief Executive Officer of CapitaLand India Trust Management Pte. Ltd. (the Trustee-Manager of CLINT), said: “Achieving the top 5-star rating from GRESB validates our sustainability efforts and is a milestone in our journey towards creating a sustainable built environment. It reflects CLINT’s commitment to responsible business practices, environmental sustainability, and creating long-term value for our stakeholders. CLINT integrates sustainability in every stage of the real estate life cycle, from investment to design, development, operations, and financing. As of December 2023, 99% of our business parks portfolio is green-certified. We have also reduced Scope 1 and 2 carbon emissions intensity by 52% as compared to our 2019 baseline.”

“The increased adoption of renewable energy is central to CLINT’s decarbonization strategy and in line with our sponsor CapitaLand Investment’s commitment to achieving Net Zero carbon emissions for Scope 1 and 2 by 2050. Approximately 39% of CLINT’s energy consumption is sourced from renewable energy. In January 2024, we set up a 21-megawatt solar plant in Tamil Nadu to further increase our green power usage. In addition, 63% of our loans are sustainability-linked. We will continue to identify and adopt meaningful environmental, social, and governance (ESG) practices to drive sustainable growth,” added Mr Gauri Shankar.

GRESB Real Estate Assessment is a global benchmark that captures information regarding ESG performance and sustainability best practices for real estate funds and companies worldwide.

In addition to GRESB’s 5-star rating, CLINT has received other notable recognitions for its ESG performance this year. These include the Corporate Sustainability Award at Securities Investors Association Singapore (SIAS) Investors’ Choice Awards 2024 and an ESG ‘A’ rating from Morgan Stanley Capital International (MSCI). CLINT also received a ‘Gold’ award for Annual Report in the REITs & Business Trusts category at the Singapore Corporate Awards 2024.

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INDIA: ICRA has upgraded Vedanta Limited’s long-term credit rating to [ICRA]AA from [ICRA]AA-, reflecting the company’s strengthened credit profile. The short-term rating has also been reaffirmed at [ICRA]A1+.

This upgrade comes amidst significant developments at Vedanta Group that focus on long-term strategic growth and financial strength. Vedanta Ltd. has built a war chest exceeding Rs 22,000 crore, comprising mainly of existing cash reserves, stake sales, and dividends from its subsidiary Hindustan Zinc Limited (HZL). Over the past few quarters, Vedanta has deleveraged its balance sheet resulting in an improvement in the net debt to EBITDA ratio from 1.9X in Q1FY24 to 1.5X currently. Similarly, the mining major’s UK parent – Vedanta Resources Limited – has seen an improvement in the current group net debt to EBITDA 3.3X in FY20 to a current 2.2X.

VRL is also actively pursuing to refinance a substantial portion of its outstanding bonds, aiming to lower the consolidated entity’s interest costs further. All the deleveraging efforts are also expected to improve the overall financial flexibility of the Group. Notably, in July 2024, S&P Global upgraded the VRL’s credit rating to B-/stable from CCC+.

The Vedanta Group has some of the world’s largest mines in various categories. As per its annual report, it has the world’s largest underground zinc-lead mine in India’s western state of Rajasthan. Vedanta’s subsidiary – HZL – is the third largest producer of silver in the world, while its oil and gas unit operates the world’s longest continuously heated pipeline.

Vedanta has recently gone through fundraising initiatives such as a Qualified Institutional Placement (QIP) worth approximately $1 billion and an additional ~ $400 million from the sale of Hindustan Zinc Limited (HZL) shares. Furthermore, around $500 million raised by Vedanta Resources Limited (VRL) through a stake sale in VEDL in June 2024 will also aid in reducing the Group’s overall debt burden. This move is expected to improve the group’s leverage and lower its interest expenses, signaling a robust financial strategy focused on long-term stability and growth.

In addition to these financial improvements, Vedanta’s operational performance has also been a key driver. The company has reported solid results, especially in its aluminum and zinc businesses, where improved realizations and cost efficiencies have led to strong operational performance.  They together contributed over 80% to consolidated OPBITDA in FY2024 and Q1 FY2025. The company recorded the highest-ever alumina production at Lanjigarh and mined metal products at the Zinc India unit. It brought down the overall cost of production by 20 percent YoY due to structural changes and other initiatives.  Lanjigarh has a capacity of 3.5 MTPA, which is one of the largest refineries in the world.

Strategically, Vedanta continues to focus on strengthening its diverse portfolio. A key aspect of its strategy has been increasing the share of value-added products, particularly in the aluminum segment, which is expected to boost profitability and support long-term growth. The company’s efforts to streamline costs and focus on vertical integration will further contribute to improved margins and operational efficiency. The company’s investment in expanding its capacities and reducing operational costs ensures it is well-placed to maintain its market leadership.

The company is on track with its demerger after receiving a no-objection certificate from secured lenders and the stock exchanges. It has already filed the scheme with the National Company Law Tribunal (NCLT).

The de-merger, which is planned to be a simple vertical split, will enable value unlocking and attracting big-ticket investment into the expansion and growth of each of its demerged businesses. By further simplifying its corporate structure, the demerger will create sector-focused independent businesses that will provide investment opportunities to Indian and global investors, including sovereign wealth funds and strategic investors.

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Mr. Kant highlighted the need for global credit rating agencies to address biases and lack of transparency in assessing countries like India. He called for a more objective approach to evaluating economic fundamentals, stressing that developing countries should not be unfairly labeled as risky investments based on subjective assessments.

The event also featured insightful discussions on global capital flow and risk in changing world order, with experts emphasizing the importance of transparent and professional credit rating agencies in today’s complex financial landscape. Mr. Mehul Pandya, MD & Group CEO of CareEdge Ratings, underscored the need for a transparent assessment methodology to support the growth potential of emerging economies.

Mehul Pandya, MD & Group CEO of CareEdge Ratings said “The panel discussion addresses the context of global capital flow, growth drivers, and challenges with the perspective of the impact of sovereign rating. The debt levels of advanced economies and emerging economies are indeed different. The growth potential of emerging economies and the investment it necessitates need to be looked at in the sovereign ratings methodology. These aspects need to be addressed transparently. We believe, that both the assessor need to be transparent so that the entity being assessed knows about the methodology and how it’s being done.”

Shri Babasaheb Neelkanth Kalyani, Chairman of Kalyani Group, echoed Mr. Kant’s sentiments on India’s growth potential, emphasizing the importance of focusing on manufacturing to drive economic expansion. Shri Gulshan Malik, Deputy Managing Director of State Bank of India, highlighted the banking sector’s readiness to support India’s next phase of growth.

Overall, the CareEdge Ratings conference shed light on the crucial role of credit rating agencies in shaping India’s economic future and the need for international cooperation to ensure fair and transparent assessments. As India strives to become a developed country by 2047, the push for homegrown credit rating agencies is more important than ever.

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PUNE: The Platinum rating for IGBC Existing Green Cities has been announced to Pimpri Chinchwad Municipal Corporation for its significant performance in green sustainable development. The rating is provided jointly by the Indian Green Building Council (IGBC) and the Confederation of Indian Industry (CII), which work at the national level. This was informed by Dr Poorva Keskar, President of the Pune Chapter of IGBC.

The Pimpri Chinchwad Municipal Corporation will be honored in a program called ‘Abhinanadan’. This will be held on behalf of the Pune Chapter of IGBC on Friday 7th June at 5 pm at Hotel Hyatt near Agakhan Palace on Nagar Road. In the program, Shekhar Singh, Commissioner – of Pimpri Chinchwad Municipal Corporation will be honored by presenting the Platinum Rating Certificate for IGBC Existing Green Cities at the hands of Aseem Kumar Gupta, Principal Secretary – of the Urban Development Ministry of the state who is the chief guest of the program. Also, Sanjay Kirloskar, Chairman of Kirloskar Brothers Limited, will be the guest of honor on this occasion, informed Hrishikesh Manjrekar, Co-Chair of the Pune Chapter of IGBC.

Organizations working in the field of sustainable development are honored every year by IGBC. This year, Pimpri Chinchwad Municipal Corporation will be awarded a Platinum Rating Certificate for IGBC Existing Green Cities in honor of its significant achievements in green sustainable development. Along with Pimpri Chinchwad Municipal Corporation, IGBC-rated green projects in the Pune area will also be honored on this occasion.

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INDIA: The Securities and Exchange Board of India (SEBI) has approved CRISIL ESG Ratings & Analytics Ltd (CRISIL ESG Ratings), a wholly owned subsidiary of CRISIL Ratings Ltd (CRL), as a Category 1 provider of environmental, social, and governance (ESG) ratings.

Says Amish Mehta, Managing Director and CEO, of CRISIL Ltd, “It is our stated aim to grow sustainably and we are excited to have a license that reinforces our stewardship of this space. The approval comes at an opportune time when ESG disclosures have been improving and there is increasing realization in the financial markets on the need for independent ESG ratings that will support decision-making for issuers and investors, and channel funds towards sustainable growth of the Indian economy.”

The approval follows SEBI notifications amending the SEBI (Credit Rating Agencies) Regulations, 1999 to include provisions on ESG Rating Providers (ERPs). According to, and to comply with, these notifications, CRISIL ESG Ratings was incorporated.

CRISIL is the pioneer of credit ratings in India and has steered many innovations in the space over the past 37 years.

CRISIL Ltd launched its ESG ‘scoring’ business in 2021 and gradually expanded coverage from 225 to ~1,000 companies across ~65 sectors. This business will now be transferred to CRISIL ESG Ratings.

Says Gurpreet Chhatwal, Managing Director, CRISIL Ratings, “The ESG scores, which will henceforth be called ‘ESG ratings’, have already found traction among market participants. These are based on a unique India-specific framework that factors nuances at the sectoral level while guided by global best practices. The process includes analysis of more than 500 unique data points across the environmental, social and governance aspects for each company.”

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PUNE: Škoda Auto Volkswagen India Private Limited (SAVWIPL) has been recognized as the first automaker to receive the prestigious Indian Green Building Council (IGBC) Platinum certification in the Indian Automotive Industry in the owner-occupied category. This stands as a testament to the consistent eco-friendly initiatives undertaken by the organization to reduce its carbon footprint.

Built with sustainability in mind, Škoda Auto Volkswagen India’s new Parts Expedition Center in Chakan, Pune will facilitate the export of CKD parts for assembly in Vietnam. Some of the key initiatives include optimal orientation for solar power generation, energy-efficient lighting and equipment, water conservation, effective waste management, and promoting a green mindset among employees. To obtain the prestigious Indian Green Building Council certification, organizations must dedicate at least 15% of their total area to greenery. Aligning with its sustainable goals, SAVWIPL achieved this by integrating space-saving vertical gardens without compromising the capacity of the operational area. To reduce its carbon footprint, the center also uses electric vehicles and charging stations for internal logistics and operations.

Commenting on this achievement, Piyush Arora, Managing Director & CEO of Škoda Auto Volkswagen India said, “We are delighted to receive the prestigious IGBC Platinum certificate for our Pune facility. Sustainability is at the core of our operations, and this certification stands as a testament to our commitment to environmental conservation. The Group’s Chhatrapati Sambhajinagar facility uses 100 percent Green Energy for car manufacturing, while upto 30 percent of the Pune plant’s total consumption is powered by Green Energy. With green initiatives like these across our facilities, we will be reinforcing our position as a sustainability-centric automotive company.”

This certification recognizes SAVWIPL’s efforts towards its ‘goTOzero’ goal of developing ecological and energy-efficient infrastructure that minimizes the company’s environmental impact. Aligning with its Corporate Strategy 2032, SAVWIPL has already implemented renewable energy sources at its plants and plans to substantially increase that share. The Platinum rating from the IGBC is the highest level of certification and highlights the company’s stringent approach throughout the project lifecycle to build sustainably.

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