Crisil upgrades Acme Solar Holdings' bank facility rating

New Delhi, Oct 7 (PTI) Acme Solar Holdings on Tuesday said CRISIL Ratings has upgraded its ratings on the company's non-fund-based long-term bank facilities of Rs 1,000 crore.

The ratings has been upgraded to Crisil AA-/Stable from Crisil A+/Positive, the company said in a statement.

CRISIL Ratings has upgraded its rating for Non-fund-based long-term bank facilities of Rs 1,000 crore, it said.

This rating upgrade factors in healthy growth in ACME Solar's operating portfolio, healthy execution track record, timely stabilisation of assets, refinancing of its projects to lower cost of debt, enabling improvement in operating cash flows.

*** Avantel sets up Rs 56-cr facility in Hyderabad * Satellite communications and defence electronics firm Avantel on Tuesday said it has opened its second facility in Hyderabad with an investment of over Rs 56 crore.

Spread over 76,000 sq ft, the new facility will focus on the design, development, and manufacturing of Software-Defined Radios (SDRs), radar systems, and satellite integration, according to a company statement.

"The facility will support Assembly, Integration, and Testing (AIT) of satellites and enable the establishment of Ground Station as a Service (GSaaS) for satellite data reception.

"Furthermore, it serves as a major economic and employment boost for Telangana as it is expected to generate significant job creation -- over 300 direct jobs and more than 1,000 indirect jobs," the company said. PTI ABI ANK ABI HVA SHW