Asahi India Glass Limited has received a credit rating upgrade from CARE Ratings Limited, as announced through a regulatory filing on January 15, 2026. The upgrade reflects improved creditworthiness and strengthens the company's financial standing in the market.

Rating Upgrade Details

CARE Ratings Limited has upgraded the glass manufacturer's long-term bank facilities rating, marking a significant improvement in the company's credit profile. The rating action demonstrates enhanced financial stability and improved ability to service debt obligations.

Regulatory Compliance

The company disclosed this development in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The announcement was made through official communication to both the National Stock Exchange of India Limited and BSE Limited, ensuring transparency for all stakeholders.

Significance of the Upgrade

The rating upgrade from CARE A+ to CARE AA- represents a notable improvement in the credit quality assessment. The stable outlook indicates that CARE Ratings expects the company to maintain its improved financial metrics and operational performance. For the long-term/short-term bank facilities, while the short-term rating of CARE A1+ was reaffirmed, the long-term component received the same upgrade to CARE AA- with a stable outlook.

Company Information

Asahi India Glass Limited operates from its corporate office in Gurugram, Haryana, with its registered office located in New Delhi. The company is listed on both NSE (symbol: ASAHIINDIA) and BSE (code: 515030), providing investors with multiple trading platforms. The announcement was signed by Gopal Ganatra, Executive Director, General Counsel & Company Secretary of the company.

Asahi India Glass has signed a comprehensive agreement with Adani Green Energy to procure 20.8 MW of wind-solar hybrid power, marking a significant step in the company's renewable energy transition strategy. The power will be supplied through Adani Green Energy's wholly-owned subsidiary, Adani Green Energy Twenty Five B, from projects located in Khavda, Gujarat.

Project Structure and Investment Details

The hybrid renewable energy project encompasses both solar and wind components, designed to provide reliable clean energy supply. The project specifications and investment structure demonstrate a strategic approach to captive power generation.

Under the investment agreement, Asahi India will subscribe to at least 26% of the generator's proportionate equity share capital for the project. This subscription will be executed in one or more tranches to ensure compliance with minimum captive shareholding requirements mandated by regulatory frameworks.

Equity Distribution and Ownership Structure

The ownership structure reflects a strategic partnership model where both companies maintain significant stakes in the project. Upon completion of the project's final phase, the equity distribution will be clearly defined between the partners.

Renewable Energy Strategy and Sustainability Goals

Asahi India Glass, an integrated glass and window solutions company, has established ambitious sustainability targets as part of its long-term business strategy. The company aims to shift up to 70% of its energy consumption to renewable sources by 2030, positioning itself as a leader in sustainable manufacturing practices.

The company's current renewable energy portfolio demonstrates its commitment to clean energy adoption. Asahi India's electricity consumption profile shows significant progress in renewable energy integration.

Green Hydrogen Initiatives and Expansion

Beyond wind and solar power procurement, Asahi India has diversified its clean energy initiatives to include green hydrogen projects. The company has commissioned a green hydrogen initiative at its Soniyana float glass facility in Rajasthan, demonstrating its comprehensive approach to decarbonization.

Additionally, the company has signed a 20-year contract with Inox Air to procure 95.00 tons of green hydrogen annually for its new greenfield float glass facility in Chittorgarh district, Rajasthan. This long-term commitment underscores the company's strategic focus on sustainable energy solutions across its manufacturing operations.

Industry Trend and Market Context

The commercial and industrial sector is experiencing increased adoption of renewable energy procurement strategies. Businesses are actively augmenting their power procurement from renewable sources to reduce reliance on expensive grid power and enhance their sustainability profiles. This trend reflects growing awareness of both economic and environmental benefits associated with clean energy adoption.

Source: https://www.mercomindia.com/asahi-india-glass-to-procure-20-8-mw-wind-solar-power-from-adani-green