Product Quantum (Rs. Cr) Long Term Rating Short Term Rating
Bank Loan Ratings 51233.00 ACUITE A | Stable | Reaffirmed -
Bank Loan Ratings 4767.00 - ACUITE A1 | Reaffirmed
Total Outstanding 56000.00 - -
Total Withdrawn 0.00 - -
 
Rating Rationale

ACUITE has reaffirmed its long-term rating of 'ACUITE A' (read as ACUITE A) and short-term rating of 'ACUITE A1' (read as ACUITE A one) on the Rs. 56,000 crore bank facilities of Maharashtra State Electricity Distribution Company Limited (MSEDCL). The outlook is 'Stable'.

Rationale for Rating
The rating reflects the improvement in MSEDCL’s revenue profile, driven by a diverse consumer mix with significant consumption from commercial and industrial users, given their high tariff band, and long-term PPAs with suppliers that ensure purchase price stability. Revenue increased to Rs. 1,26,069.33 crore in FY2025 (Prov.) from Rs. 1,16,377.47 crore in FY2024. The rating also factors in regular support from the Government of Maharashtra (GoM) through timely subsidies, grants, and guarantees. Additionally, the rating continues to derive comfort from MSEDCL’s strategically important role in Maharashtra, being the largest electricity distributor in the country. Acuité acknowledges the government guarantees extended by GoM for MSEDCL’s debt. However, these rating strengths are partly offset by net losses in FY2025 (Prov.), an average financial risk profile, high gearing, and weakened debt protection metrics.


About the Company

Maharashtra State Electricity Distribution Company Limited (MSEDCL) incorporated in 2005 is a wholly owned entity of Government of Maharashtra (GoM) with the objective of carrying out power distribution activity of erstwhile Maharashtra State Electricity Board (MSEB) through a separate dedicated company. MSEDCL is wholly owned by Maharashtra State Electricity Holding Company Limited, which in turn is a GoM entity. It distributes electricity across Maharashtra and parts of Mumbai, serving over 3.00 crore consumers with a workforce of 70,000+ employees. MSEDCL is one of the largest power distribution companies in India and Asia by consumer base and electricity supplied. Its infrastructure includes 4000+ 33/11 kV substations, ~25,000 HV feeders, ~8 lakh distribution transformers, and extensive 11 kV and 33 kV line networks. The network spans 3.08 thousand sq.km, covering 41,928 villages and 457 towns across Maharashtra.

 
Unsupported Rating

­Acuite BB+/ Stable

 
Analytical Approach

Acuité has considered the standalone business and financial risk profiles of MSEDCL, while notching up by factoring in the support extended by the Government of Maharashtra (GoM), given its 100 per cent ownership in MSEDCL and the company’s strategic importance to the state.­

 
Key Rating Drivers

Strengths

Strategically important role of MSEDCL for the state of Maharashtra & support extended by GoM
MSEDCL was incorporated post restructuring of MSEB in 2005 and caters to nearly 98 per cent of Maharashtra’s power needs. Maharashtra, being India’s leading industrial state with a GSDP of Rs. 42.67 lakh crore in 2024-25, relies heavily on MSEDCL, which serves over 3.00 crore consumers and employs 70,000+ personnel. As a 100 per cent GoM-owned entity, MSEDCL enjoys strong financial flexibility, supported by access to low-cost funding and financial backing from institutions and multilateral agencies. GoM support includes timely subsidies, grants, equity infusions, and guarantees of Rs. 19,655.88 crore subsidy received in FY2025 (Prov.). Regulatory mechanisms like multiyear tariff regulations and sanctioned grants have bolstered MSEDCL’s operations. Acuité believes MSEDCL will continue to benefit from GoM’s financial, operational, and managerial support. Any adverse impact on GoM’s credit profile remains a key rating sensitivity.

Favourable consumption mix
MSEDCL has a favourable consumption mix, with HT industrial and domestic consumers contributing the largest shares to revenue. As per FY2025 (Provisional), HT industrial accounts for 33.36 per cent, domestic 20.94 per cent, agricultural 16.71 per cent, commercial 11.10 per cent, LT industrial 8.31 per cent, public services 3.89 per cent, and others 5.70 per cent. The company also supplies power to railways and other public services. Since commercial and industrial segments command higher tariffs, this mix supports strong revenue generation. Acuité believes this trend will continue, supported by GoM’s focus on attracting industrial investment to boost the state’s economy. Acuité also notes that MSEDCL regularly files its multi-year tariff (MYT) orders, ensuring near-term tariff visibility. In line with MERC (Terms and Conditions of Tariff) Regulations, 2005, MSEDCL submits its Annual Revenue Requirement (ARR) based on projected distribution costs and return on equity. These costs are derived from the approved power procurement plan, which factors in transmission and distribution losses. MERC has already issued MSEDCL’s MYT order for FY2025-26 to FY2029-30, covering the fifth control period.

 


Weaknesses

Losses incurred despite upsurge in revenue
The operating income of MSEDCL increased by 8.33 per cent and stood at Rs. 1,26,069.33 crore in FY2025 (Prov.), compared to Rs. 1,16,377.47 crore in FY2024. The company reported a net loss of Rs. 1,967.75 crore in FY2025 (Prov.), down from Rs. 4,517.35 crore in FY2024. The moderation in net loss was partly due to additions of Rs. 1,188.78 crore to the Regulatory Deferral Balance as of March 31, 2025. MSEDCL has incurred net losses over the past three years, primarily due to the Supreme Court’s ruling in favor of Adani Power Maharashtra Limited, which led to increased power purchase costs and a levy of delayed payment surcharges (DPS) amounting to Rs. 6,200 crore. Since DPS cannot be passed through in the tariff order, it directly impacted the company’s profitability. Additionally, liquidity constraints prevented timely payments to power generators and transmission companies, resulting in further delayed payment charges (DPC), which have adversely affected profitability since FY2023 onwards.

Average Financial Risk Profile
MSEDCL’s financial risk profile weakened in FY2025 (Prov) due to additional borrowings, primarily to meet LPS Rule 22 obligations, requiring Rs. 17,000 crore over four years. The debt-to-equity ratio rose to 7.91 times as of March 31, 2025 (Prov.) from 6.09 times in FY2024. Tangible net worth declined to Rs. 11,490.20 crore from Rs. 14,057.46 crore in FY2023 due to continued losses. While Rs. 1,447.67 crore equity was infused in FY2024, no infusion occurred in FY2025. Coverage indicators remained weak but stable, with interest coverage ratio (ICR) at 1.18 times and DSCR at 0.40 times in FY2025 (Prov.).

AT&C and T&D losses
The company's Aggregate Technical and Commercial Losses (AT&C) stood higher at 19.32 per cent in FY24 as against 15.98 per cent in FY23. The Transmission and Distribution Losses (T&D) have also stood marginally higher at 15.80 per cent in FY24 as against 14.56 per cent in FY23.

Sizeable portion of regulatory deferral assets
Acuité has observed a sizeable portion of regulatory assets on account of the revenue gap between the average cost of supply and average tariff realised resulting in build- up of regulatory deferral balance to the extent of Rs. 40,189.38 crore as of March 31, 2025 (Prov.). Regulatory assets are discom expenses that are recoverable in power tariff hikes. High regulatory assets indicate non-recoverability of costs incurred, thus, underlying cash flow management issues and increasing reliance of discoms on timely infusion of additional funds.

 

Assessment of Adequacy of Credit Enhancement under various scenarios including stress scenarios (applicable for ratings factoring specified support considerations with or without the “CE” suffix)
­MSEDCL has been supported by Government of Maharashtra (GOM) through 100 per holding and regular support in the form of timely disbursals of subsidies, grants and guarantees including in stress scenario.
 
Rating Sensitivities
  • Credit profile of GoM.
  • Dynamics in the regulatory environment.
  • Change in shareholding and support from GoM.
  • Further improvement in overall operating efficiency with reduced AT&C and T&D losses.
 
Liquidity Position
Adequate

MSEDCL has adequate liquidity, supported by assistance from the GoM. Net cash accruals stood at Rs. 1,772.33 crore during FY2025 (Prov.) against repayment obligations of Rs. 10,491.43 crore of FY24, with the shortfall funded through enhanced working capital limits, subsidies and grants from the GoM. There was no equity infusion during FY2025 (Prov.). Additionally, the company’s major term loans and working capital borrowings are backed by government guarantees, while other repayments are met through GoM grants. Owing to its strategic importance to the GoM, MSEDCL has historically accessed various funding sources to manage short-term liquidity mismatches. Unencumbered cash and bank balances stood at Rs. 7,891.01 crore as of March 31, 2025 (Prov.). The average bank limit utilization for 09 months period ended March 2025 stood at ~91.75 per cent for Fund based limits and ~84.06 per cent for the Non-Fund based limits. Furthermore, Acuité derives comfort from the fact that MSEDCL, being a GoM entity, is expected to receive timely financial support from the GoM to address funding gaps.

 
Outlook: Stable
­
 
Other Factors affecting Rating

­None

 

Particulars Unit FY 25 (Provisional) FY 24 (Actual)
Operating Income Rs. Cr. 126069.33 116377.47
PAT Rs. Cr. (1967.75) (4517.35)
PAT Margin (%) (1.56) (3.88)
Total Debt/Tangible Net Worth Times 7.91 6.09
PBDIT/Interest Times 1.18 0.91
Status of non-cooperation with previous CRA (if applicable)

­Not Applicable

 
Any other information

­None

 
Applicable Criteria
• Default Recognition :- https://www.acuite.in/view-rating-criteria-52.htm
• Infrastructure Sector: https://www.acuite.in/view-rating-criteria-51.htm
• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm
• Group And Parent Support: https://www.acuite.in/view-rating-criteria-47.htm
• State Government Ratings : https://www.acuite.in/view-rating-criteria-26.htm

Note on complexity levels of the rated instrument

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook
14 May 2024 Term Loan Long Term 4027.84 ACUITE A | Stable (Reaffirmed)
Cash Credit Long Term 300.00 ACUITE A | Stable (Reaffirmed)
Working Capital Demand Loan (WCDL) Long Term 590.00 ACUITE A | Stable (Reaffirmed)
Cash Credit Long Term 637.50 ACUITE A | Stable (Reaffirmed)
Working Capital Demand Loan (WCDL) Long Term 2000.00 ACUITE A | Stable (Reaffirmed)
Cash Credit Long Term 490.00 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 1138.00 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 900.00 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 1439.93 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 440.00 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 342.00 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 400.00 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 400.00 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 220.00 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 324.00 ACUITE A | Stable (Reaffirmed)
Cash Credit Long Term 250.00 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 746.73 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 2599.53 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 902.79 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 900.00 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 1000.00 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 2050.00 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 1909.74 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 2563.88 ACUITE A | Stable (Reaffirmed)
Proposed Long Term Loan Long Term 8714.57 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 1958.29 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 500.00 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 400.00 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 379.32 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 3722.20 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 500.00 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 1766.68 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 4000.00 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 1600.00 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 120.00 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 1000.00 ACUITE A | Stable (Reaffirmed)
Letter of Credit Short Term 400.00 ACUITE A1 (Reaffirmed)
Bank Guarantee (BLR) Short Term 100.00 ACUITE A1 (Reaffirmed)
Letter of Credit Short Term 1100.00 ACUITE A1 (Reaffirmed)
Letter of Credit Short Term 92.00 ACUITE A1 (Reaffirmed)
Bank Guarantee (BLR) Short Term 25.00 ACUITE A1 (Reaffirmed)
Letter of Credit Short Term 2750.00 ACUITE A1 (Reaffirmed)
Bank Guarantee (BLR) Short Term 50.00 ACUITE A1 (Reaffirmed)
Letter of Credit Short Term 250.00 ACUITE A1 (Reaffirmed)
28 Aug 2023 Term Loan Long Term 1750.00 ACUITE A | Stable (Reaffirmed)
Cash Credit Long Term 300.00 ACUITE A | Stable (Reaffirmed)
Working Capital Demand Loan (WCDL) Long Term 590.00 ACUITE A | Stable (Reaffirmed)
Cash Credit Long Term 637.50 ACUITE A | Stable (Reaffirmed)
Working Capital Demand Loan (WCDL) Long Term 1732.50 ACUITE A | Stable (Reaffirmed)
Cash Credit Long Term 490.00 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 1138.00 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 900.00 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 1680.00 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 612.50 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 504.00 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 1000.00 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 577.50 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 297.50 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 409.50 ACUITE A | Stable (Reaffirmed)
Cash Credit Long Term 250.00 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 867.00 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 3133.00 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 1000.00 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 900.00 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 1000.00 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 2500.00 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 2000.00 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 3025.00 ACUITE A | Stable (Reaffirmed)
Proposed Long Term Loan Long Term 5053.00 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 2500.00 ACUITE A | Stable (Assigned)
Term Loan Long Term 500.00 ACUITE A | Stable (Assigned)
Term Loan Long Term 400.00 ACUITE A | Stable (Assigned)
Term Loan Long Term 1300.00 ACUITE A | Stable (Assigned)
Term Loan Long Term 4000.00 ACUITE A | Stable (Assigned)
Proposed Long Term Bank Facility Long Term 6300.00 ACUITE A | Stable (Assigned)
Term Loan Long Term 4653.00 ACUITE A | Stable (Reaffirmed)
Letter of Credit Short Term 400.00 ACUITE A1 (Reaffirmed)
Bank Guarantee (BLR) Short Term 100.00 ACUITE A1 (Reaffirmed)
Letter of Credit Short Term 1100.00 ACUITE A1 (Reaffirmed)
Letter of Credit Short Term 92.00 ACUITE A1 (Reaffirmed)
Bank Guarantee (BLR) Short Term 25.00 ACUITE A1 (Reaffirmed)
Letter of Credit Short Term 1983.00 ACUITE A1 (Reaffirmed)
Bank Guarantee (BLR) Short Term 50.00 ACUITE A1 (Reaffirmed)
Letter of Credit Short Term 250.00 ACUITE A1 (Reaffirmed)
30 Jan 2023 Term Loan Long Term 2625.00 ACUITE A | Stable (Reaffirmed)
Cash Credit Long Term 300.00 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 266.70 ACUITE A | Stable (Reaffirmed)
Working Capital Demand Loan (WCDL) Long Term 590.00 ACUITE A | Stable (Reaffirmed)
Cash Credit Long Term 637.50 ACUITE A | Stable (Reaffirmed)
Working Capital Demand Loan (WCDL) Long Term 1732.50 ACUITE A | Stable (Reaffirmed)
Cash Credit Long Term 490.00 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 1500.00 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 1300.00 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 1866.65 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 735.00 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 614.25 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 1400.00 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 700.00 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 358.75 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 480.00 ACUITE A | Stable (Reaffirmed)
Cash Credit Long Term 250.00 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 960.01 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 5000.00 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 4000.00 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 1000.00 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 900.00 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 1000.00 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 2850.00 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 2000.00 ACUITE A | Stable (Reaffirmed)
Term Loan Long Term 3384.52 ACUITE A | Stable (Reaffirmed)
Proposed Long Term Loan Long Term 59.12 ACUITE A | Stable (Reaffirmed)
Letter of Credit Short Term 400.00 ACUITE A1 (Reaffirmed)
Bank Guarantee (BLR) Short Term 100.00 ACUITE A1 (Reaffirmed)
Letter of Credit Short Term 1100.00 ACUITE A1 (Reaffirmed)
Letter of Credit Short Term 92.00 ACUITE A1 (Reaffirmed)
Bank Guarantee (BLR) Short Term 25.00 ACUITE A1 (Reaffirmed)
Letter of Credit Short Term 1983.00 ACUITE A1 (Reaffirmed)
Bank Guarantee (BLR) Short Term 50.00 ACUITE A1 (Reaffirmed)
Letter of Credit Short Term 250.00 ACUITE A1 (Reaffirmed)
09 Jun 2022 Term Loan Long Term 1500.00 ACUITE A | Stable (Downgraded from ACUITE A+ | Stable)
Term Loan Long Term 1300.00 ACUITE A | Stable (Downgraded from ACUITE A+ | Stable)
Proposed Long Term Bank Facility Long Term 910.42 ACUITE A | Stable (Downgraded from ACUITE A+ | Stable)
Term Loan Long Term 2000.00 ACUITE A | Stable (Downgraded from ACUITE A+ | Stable)
Term Loan Long Term 860.00 ACUITE A | Stable (Downgraded from ACUITE A+ | Stable)
Term Loan Long Term 733.50 ACUITE A | Stable (Downgraded from ACUITE A+ | Stable)
Term Loan Long Term 2000.00 ACUITE A | Stable (Downgraded from ACUITE A+ | Stable)
Term Loan Long Term 830.00 ACUITE A | Stable (Downgraded from ACUITE A+ | Stable)
Term Loan Long Term 430.00 ACUITE A | Stable (Downgraded from ACUITE A+ | Stable)
Term Loan Long Term 561.00 ACUITE A | Stable (Downgraded from ACUITE A+ | Stable)
Cash Credit Long Term 250.00 ACUITE A | Stable (Downgraded from ACUITE A+ | Stable)
Term Loan Long Term 1000.00 ACUITE A | Stable (Downgraded from ACUITE A+ | Stable)
Term Loan Long Term 4000.00 ACUITE A | Stable (Assigned)
Term Loan Long Term 5000.00 ACUITE A | Stable (Assigned)
Proposed Long Term Bank Facility Long Term 5000.00 ACUITE A | Stable (Assigned)
Term Loan Long Term 3541.68 ACUITE A | Stable (Downgraded from ACUITE A+ | Stable)
Cash Credit Long Term 300.00 ACUITE A | Stable (Downgraded from ACUITE A+ | Stable)
Term Loan Long Term 1333.40 ACUITE A | Stable (Downgraded from ACUITE A+ | Stable)
Working Capital Demand Loan (WCDL) Long Term 590.00 ACUITE A | Stable (Downgraded from ACUITE A+ | Stable)
Cash Credit Long Term 637.50 ACUITE A | Stable (Downgraded from ACUITE A+ | Stable)
Working Capital Demand Loan (WCDL) Long Term 1732.50 ACUITE A | Stable (Downgraded from ACUITE A+ | Stable)
Cash Credit Long Term 490.00 ACUITE A | Stable (Downgraded from ACUITE A+ | Stable)
Letter of Credit Short Term 92.00 ACUITE A1 (Downgraded from ACUITE A1+)
Bank Guarantee (BLR) Short Term 25.00 ACUITE A1 (Downgraded from ACUITE A1+)
Letter of Credit Short Term 1983.00 ACUITE A1 (Downgraded from ACUITE A1+)
Bank Guarantee (BLR) Short Term 50.00 ACUITE A1 (Downgraded from ACUITE A1+)
Letter of Credit Short Term 250.00 ACUITE A1 (Downgraded from ACUITE A1+)
Term Loan Short Term 2000.00 ACUITE A1 (Assigned)
Letter of Credit Short Term 400.00 ACUITE A1 (Downgraded from ACUITE A1+)
Bank Guarantee (BLR) Short Term 100.00 ACUITE A1 (Downgraded from ACUITE A1+)
Letter of Credit Short Term 1100.00 ACUITE A1 (Downgraded from ACUITE A1+)
­

Lender’s Name ISIN Facilities Date Of Issuance Coupon Rate Maturity Date Quantum
(Rs. Cr.)
Complexity Level Rating
Bank of India Not avl. / Not appl. Bank Guarantee (BLR) Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 100.00 Simple ACUITE A1 | Reaffirmed
Bank of Maharashtra Not avl. / Not appl. Bank Guarantee (BLR) Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 25.00 Simple ACUITE A1 | Reaffirmed
Canara Bank Not avl. / Not appl. Bank Guarantee (BLR) Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 50.00 Simple ACUITE A1 | Reaffirmed
State Bank of India Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 300.00 Simple ACUITE A | Stable | Reaffirmed
Bank of Maharashtra Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 637.50 Simple ACUITE A | Stable | Reaffirmed
Punjab National Bank Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 490.00 Simple ACUITE A | Stable | Reaffirmed
UCO Bank Not avl. / Not appl. Cash Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 250.00 Simple ACUITE A | Stable | Reaffirmed
UCO Bank Not avl. / Not appl. Letter of Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 250.00 Simple ACUITE A1 | Reaffirmed
State Bank of India Not avl. / Not appl. Letter of Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 400.00 Simple ACUITE A1 | Reaffirmed
Canara Bank Not avl. / Not appl. Letter of Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 2750.00 Simple ACUITE A1 | Reaffirmed
Bank of India Not avl. / Not appl. Letter of Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 1100.00 Simple ACUITE A1 | Reaffirmed
Bank of Maharashtra Not avl. / Not appl. Letter of Credit Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 92.00 Simple ACUITE A1 | Reaffirmed
Not Applicable Not avl. / Not appl. Proposed Long Term Loan Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 1850.61 Simple ACUITE A | Stable | Reaffirmed
Punjab National Bank Not avl. / Not appl. Term Loan 27 Feb 2023 Not avl. / Not appl. 28 Feb 2028 1375.00 Simple ACUITE A | Stable | Reaffirmed
Punjab and Sind Bank Not avl. / Not appl. Term Loan 09 Mar 2023 Not avl. / Not appl. 31 May 2035 500.00 Simple ACUITE A | Stable | Reaffirmed
PTC India Financials Not avl. / Not appl. Term Loan 31 Mar 2023 Not avl. / Not appl. 31 Mar 2030 400.00 Simple ACUITE A | Stable | Reaffirmed
State Bank of India Not avl. / Not appl. Term Loan 30 Sep 2023 Not avl. / Not appl. 15 Nov 2029 2999.92 Simple ACUITE A | Stable | Reaffirmed
Punjab National Bank Not avl. / Not appl. Term Loan 04 Sep 2023 Not avl. / Not appl. 31 Aug 2028 1300.00 Simple ACUITE A | Stable | Reaffirmed
State Bank of India Not avl. / Not appl. Term Loan 26 Mar 2024 Not avl. / Not appl. 26 Feb 2032 3904.76 Simple ACUITE A | Stable | Reaffirmed
Housing and Urban Development Corporation Ltd (HUDCO) Not avl. / Not appl. Term Loan 30 Dec 2023 Not avl. / Not appl. 30 Dec 2028 1399.93 Simple ACUITE A | Stable | Reaffirmed
PTC India Financials Not avl. / Not appl. Term Loan 30 May 2024 Not avl. / Not appl. 30 Apr 2025 120.00 Simple ACUITE A | Stable | Reaffirmed
Bank of Maharashtra Not avl. / Not appl. Term Loan 28 Mar 2025 Not avl. / Not appl. 31 Mar 2028 1700.00 Simple ACUITE A | Stable | Reaffirmed
Canara Bank Not avl. / Not appl. Term Loan 28 Mar 2025 Not avl. / Not appl. 25 Jun 2030 1841.46 Simple ACUITE A | Stable | Reaffirmed
Housing and Urban Development Corporation Ltd (HUDCO) Not avl. / Not appl. Term Loan 28 Jun 2024 Not avl. / Not appl. 30 Jun 2031 2674.00 Simple ACUITE A | Stable | Reaffirmed
Housing and Urban Development Corporation Ltd (HUDCO) Not avl. / Not appl. Term Loan 05 Dec 2024 Not avl. / Not appl. 31 Dec 2035 1556.08 Simple ACUITE A | Stable | Reaffirmed
Housing and Urban Development Corporation Ltd (HUDCO) Not avl. / Not appl. Term Loan 30 Apr 2025 Not avl. / Not appl. 30 Apr 2036 3653.00 Simple ACUITE A | Stable | Reaffirmed
Maharastra State Cooperative Bank Not avl. / Not appl. Term Loan 05 Nov 2024 Not avl. / Not appl. 30 Nov 2025 466.00 Simple ACUITE A | Stable | Reaffirmed
Maharastra State Cooperative Bank Not avl. / Not appl. Term Loan 04 Oct 2024 Not avl. / Not appl. 03 Oct 2025 291.69 Simple ACUITE A | Stable | Reaffirmed
State Bank of India Not avl. / Not appl. Term Loan 05 Mar 2025 Not avl. / Not appl. 31 Mar 2033 2620.00 Simple ACUITE A | Stable | Reaffirmed
Union Bank of India Not avl. / Not appl. Term Loan 05 Feb 2025 Not avl. / Not appl. 28 Feb 2032 3000.00 Simple ACUITE A | Stable | Reaffirmed
Punjab and Sind Bank Not avl. / Not appl. Term Loan 20 Sep 2021 Not avl. / Not appl. 30 Sep 2034 563.93 Simple ACUITE A | Stable | Reaffirmed
State Bank of India Not avl. / Not appl. Term Loan 22 Feb 2022 Not avl. / Not appl. 15 Sep 2028 1093.22 Simple ACUITE A | Stable | Reaffirmed
Bank of Maharashtra Not avl. / Not appl. Term Loan 15 Sep 2020 Not avl. / Not appl. 15 Sep 2025 86.00 Simple ACUITE A | Stable | Reaffirmed
Union Bank of India Not avl. / Not appl. Term Loan 31 Oct 2020 Not avl. / Not appl. 30 Sep 2025 117.50 Simple ACUITE A | Stable | Reaffirmed
State Bank of India Not avl. / Not appl. Term Loan 07 Jun 2022 Not avl. / Not appl. 15 Feb 2029 3125.12 Simple ACUITE A | Stable | Reaffirmed
Punjab National Bank Not avl. / Not appl. Term Loan 23 Dec 2020 Not avl. / Not appl. 31 Dec 2033 677.26 Simple ACUITE A | Stable | Reaffirmed
Central Bank of India Not avl. / Not appl. Term Loan 28 Apr 2022 Not avl. / Not appl. 31 Dec 2028 573.44 Simple ACUITE A | Stable | Reaffirmed
Punjab National Bank Not avl. / Not appl. Term Loan 30 Jun 2022 Not avl. / Not appl. 29 Jun 2027 1667.00 Simple ACUITE A | Stable | Reaffirmed
Canara Bank Not avl. / Not appl. Term Loan 28 Jun 2022 Not avl. / Not appl. 26 Jun 2029 680.55 Simple ACUITE A | Stable | Reaffirmed
Bank of Maharashtra Not avl. / Not appl. Term Loan 23 Sep 2022 Not avl. / Not appl. 30 Sep 2036 900.00 Simple ACUITE A | Stable | Reaffirmed
Indian Bank Not avl. / Not appl. Term Loan 30 Sep 2022 Not avl. / Not appl. 30 Sep 2032 1000.00 Simple ACUITE A | Stable | Reaffirmed
Bank of Baroda Not avl. / Not appl. Term Loan 30 Sep 2022 Not avl. / Not appl. 30 Aug 2027 1400.00 Simple ACUITE A | Stable | Reaffirmed
Canara Bank Not avl. / Not appl. Term Loan 30 Nov 2022 Not avl. / Not appl. 31 Oct 2028 1532.03 Simple ACUITE A | Stable | Reaffirmed
Bank of Baroda Not avl. / Not appl. Term Loan 31 Dec 2021 Not avl. / Not appl. 28 Jun 2028 1897.00 Simple ACUITE A | Stable | Reaffirmed
Canara Bank Not avl. / Not appl. Working Capital Demand Loan (WCDL) Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 2000.00 Simple ACUITE A | Stable | Reaffirmed
Bank of India Not avl. / Not appl. Working Capital Demand Loan (WCDL) Not avl. / Not appl. Not avl. / Not appl. Not avl. / Not appl. 590.00 Simple ACUITE A | Stable | Reaffirmed
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*Annexure 2 - List of Entities (applicable for Consolidation or Parent / Group / Govt. Support)
Sr. No Name of the companies
1 Maharashtra State Electricity Distribution Company Limited
2 Government of Maharashtra (GoM)
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