RATING RATIONALE
15Oct2025

Axis Energy Ventures India Pvt. Ltd.

Brickwork Ratings has downgraded the ratings for the Bank Loan Facilities of Rs. 150.00 Crs. of Axis Energy Ventures India Pvt. Ltd. based on best available information, as the issuer did not cooperate.

Particulars
Facilities** Amount (Rs.Crs.) Tenure Rating#
Previous Present Previous
(31 Jul 2024)
Present
Non Fund Based 150.00 150.00 Long Term BWR BBB/Stable
removal from ISSUER NOT COOPERATING* category/Upgraded
BWR BBB - /Stable
ISSUER NOT COOPERATING* /Downgrade
Grand Total 150.00 150.00 (Rupees One Hundred Fifty Crores Only)
#Please refer to BWR website www.brickworkratings.com for definition of the ratings
**Details of Bank Loan facilities,consolidation or instruments are provided in Annexure
*Issuer did not cooperate; based on best available information.


RATING ACTION / OUTLOOK / NATURE OF NON-COOPERATION

The last rating review of Axis Energy Ventures India Pvt. Ltd. was conducted in July 2024. At that time, Brickwork Ratings (BWR) had upgraded the company’s long-term bank loan rating to BWR BBB with a Stable outlook and removed it from the Issuer Not Cooperating category for a bank loan facility of Rs. 150.00 Crores.

Despite repeated attempts by the BWR Rating Team to obtain performance-related information, the company’s management has not provided the required details. Furthermore, there has been no response from the company’s bankers or the entity itself, making it difficult to assess the status of the rated debt. In view of the limited information and continued lack of cooperation, the BWR Rating Team has downgraded the long-term rating to BWR BBB- (Stable outlook). Additionally, the ratings have been migrated back to the Issuer Not Cooperating category for the Rs. 150.00 Crores bank loan facility, as the company failed to provide the information necessary for monitoring the rating, as stipulated in its Rating Agreement.

The lenders/investors may note to exercise due caution while using the above rating, which mentions "Issuer Not Cooperating" since the rating lacks any projections or forward-looking component, as it is arrived at based on the best available information without any management/banker's interaction

Analytical Approach: Standalone

LIMITATIONS OF THE RATING

Information availability risk is a key factor in the assessment of credit risk as generally, non-cooperation by the rated entities to provide required information for a review of the assigned rating may also be accompanied by financial stress. Users of the credit rating should therefore take into account possible deterioration in the credit quality of the rated entity arising from its non-transparency withholding of information required for a review of the rating

ABOUT THE ENTITY
Macro Economic Indicator Sector Industry Basic Industry
Industrials Construction Construction Civil Construction

Axis Energy Ventures India Private Limited (AEVIPL), the flagship company of Axis Energy Group, was incorporated in 2010. The company was promoted by Mr. K. Ravi Kumar Reddy and Mr. K. Kiran Kumar Reddy. The company is involved in project development activities including wind resource assessment, approvals/permissions, land acquisitions, microsites, and the construction of approach roads, substations, and transmission lines among others. It has also been involved in project development and BOP work for wind power projects. As on May 2024, the company has an unexecuted order book of Rs 1,825 crores of project development work which includes both wind and solar farms. Development works primarily consist of  the following:

Joint Venture Platform with Brookfield: In Sept 2023, Brookfield Asset Management Inc and AEVIPL  established a joint venture called ABC Cleantech Private Limited, also known as "Evren,". The ownership ratio is 51% for Brookfield and 49% for AEVIPL. Evren is a renewable energy (RE) platform focused on developing, operating, and maintaining renewable energy parks and projects. The platform aims to invest in early-stage development to secure large-scale grid infrastructure and land, and to develop RE parks.

AEVIPL will provide the capacity sanctions and implementation support for setting up these parks, while Brookfield will provide the financial support required in the form of equity and tying up debt ( financial closure) for projects. AP state nodal agency NREDCAP has granted AEVIPL  exclusive access to land areas which will enable them to set up up to 5 GW of hybrid RE capacity in AP. The project development and implementation will be funded by Brookfield (initial equity contribution). Brookfield has committed an initial equity of USD 845 million for the development of renewable energy parks and projects. Brookfield also has committed lines of credit from global banks which will enable them to achieve financial closure of these projects. AEVIPL will handle the development works and have priority for the EPC works of these parks and projects.

Under platform 2 ( Evren), the company has structured the payment based on the milestones. This ensures that the revenue and expense recognition would be more stable, thereby eliminating volatility as seen in the past.

KEY FINANCIAL INDICATORS

Please refer to the following link for the previous detailed rationale that captures the Key Financials Drivers and their Description, Liquidity Position. Rating Sensitivities, Key Financial Indicators. View Previous Document

STATUS OF NON-COOPERATION WITH PREVIOUS CRA

Not Applicable

ANY OTHER INFORMATION

Nil

RATING HISTORY FOR THE PREVIOUS THREE YEARS (including withdrawal and suspended)
Facilities Current Rating  (2025) 2024 2023 2022
Type Tenure Amount
(Rs.Crs.)
Rating Date Rating Date Rating Date Rating
Non Fund Based LT 150.00
BWR BBB-/Stable
(ISSUER NOT COOPERATING* /Downgrade)
31Jul2024
BWR BBBStable
(removal from ISSUER NOT COOPERATING* category/Upgraded)
10May2023
BWR BB+Negative
(Continues to be in ISSUER NOT COOPERATING* category/Downgraded)
11Nov2022
BWR BBBNegative
(ISSUER NOT COOPERATING*/Downgraded^)
Grand Total 150.00 (Rupees One Hundred Fifty Crores Only)
Hyperlink/Reference to applicable Criteria
Analytical Contacts

Shreekant Digambar Kadere

Senior Rating Analyst shreekant.dk@brickworkratings.com

Niraj Kumar Rathi

Senior Director Ratings niraj.r@brickworkratings.com
1-860-425-2742 | media@brickworkratings.com
Axis Energy Ventures India Pvt. Ltd.
ANNEXURE-I
Details of Bank Facilities rated by BWR
SL.No. Name of the Bank/Lender Type Of Facilities Long Term(Rs.Crs.) Short Term(Rs.Crs.) Total(Rs.Crs.) Complexity of the Instrument
1 Indian Renewable Energy Development Agency Limited (IREDA) Bank GuaranteeSanctioned 141.00 _ 141.00 Simple##
2 Others Bank GuaranteeProposed 9.00 _ 9.00 Simple##
Total 150.00 0.00 150.00
TOTAL (Rupees One Hundred Fifty Crores Only)

##BWR complexity levels are meant for educating investors. The BWR complexity levels are available at www.brickworkratings.com / download / ComplexityLevels.pdf. Investors queries can be sent to info@brickworkratings.com.

ANNEXURE-II
INSTRUMENT DETAILS

InstrumentIssue DateAmount (Rs.Crs)Coupon Rate (%)Maturity DateISIN ParticularsComplexity of the Instrument
NilNilNilNilNilNilNil

ANNEXURE-III
List of entities consolidated

Name of Entity% OwnershipExtent of consolidationRationale for consolidation
NilNilNilNil

Print and Digital Media

The Rating Rationale is sent to you for the sole purpose of dissemination through your print, digital or electronic media. While it may be used by you acknowledging credit to BWR, please do not change the wordings in the rationale to avoid conveying a meaning different from what was intended by BWR. BWR alone has the sole right of sharing (both direct and indirect) its rationales for consideration or otherwise through any print or electronic or digital media.

About Brickwork Ratings

Brickwork Ratings (BWR), a Securities and Exchange Board of India [SEBI] registered Credit Rating Agency and accredited by Reserve Bank of India [RBI], offers credit ratings of Bank Loan, Non- convertible / convertible / partially convertible debentures and other capital market instruments and bonds, Commercial Paper, perpetual bonds, asset-backed and mortgage-backed securities, partial guarantees and other structured / credit enhanced debt instruments, Security Receipts, Securitization Products, Municipal Bonds, etc. BWR has rated over 11,560 medium and large corporates and financial institutions’ instruments. BWR has also rated NGOs, Educational Institutions, Hospitals, Real Estate Developers, Urban Local Bodies and Municipal Corporations. BWR has Canara Bank, a leading public sector bank, as one of the promoters and strategic partner.

Disclaimer

Brickwork Ratings India Pvt. Ltd. (BWR), a Securities and Exchange Board of India [SEBI] registered Credit Rating Agency and accredited by the Reserve Bank of India [RBI], offers credit ratings of Bank Loan facilities, Non- convertible / convertible / partially convertible debentures and other capital market instruments and bonds, Commercial Paper, perpetual bonds, asset-backed and mortgage-backed securities, partial guarantees and other structured / credit enhanced debt instruments, Security Receipts, Securitization Products, Municipal Bonds, etc. [ hereafter referred to as "Instruments"]. BWR also rates NGOs, Educational Institutions, Hospitals, Real Estate Developers, Urban Local Bodies and Municipal Corporations.

BWR wishes to inform all persons who may come across Rating Rationales and Rating Reports provided by BWR that the ratings assigned by BWR are based on information obtained from the issuer of the instrument and other reliable sources, which in BWR's best judgment are considered reliable. The Rating Rationale / Rating Report & other rating communications are intended for the jurisdiction of India only. The reports should not be the sole or primary basis for any investment decision within the meaning of any law or regulation (including the laws and regulations applicable in Europe and also the USA).

BWR also wishes to inform that access or use of the said documents does not create a client relationship between the user and BWR.

The ratings assigned by BWR are only an expression of BWR's opinion on the entity / instrument and should not in any manner be construed as being a recommendation to either, purchase, hold or sell the instrument.

BWR also wishes to abundantly clarify that these ratings are not to be considered as an investment advice in any jurisdiction nor are they to be used as a basis for or as an alternative to independent financial advice and judgment obtained from the user's financial advisors. BWR shall not be liable to any losses incurred by the users of these Rating Rationales, Rating Reports or its contents. BWR reserves the right to vary, modify, suspend or withdraw the ratings at any time without assigning reasons for the same.

BWR's ratings reflect BWR's opinion on the day the ratings are published and are not reflective of factual circumstances that may have arisen on a later date. BWR is not obliged to update its opinion based on any public notification, in any form or format although BWR may disseminate its opinion and analysis when deemed fit.

Neither BWR nor its affiliates, third party providers, as well as the directors, officers, shareholders, employees or agents (collectively, "BWR Party") guarantee the accuracy, completeness or adequacy of the Ratings, and no BWR Party shall have any liability for any errors, omissions, or interruptions therein, regardless of the cause, or for the results obtained from the use of any part of the Rating Rationales or Rating Reports. Each BWR Party disclaims all express or implied warranties, including, but not limited to, any warranties of merchantability, suitability or fitness for a particular purpose or use. In no event shall any BWR Party be liable to any one for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs) in connection with any use of any part of the Rating Rationales and/or Rating Reports even if advised of the possibility of such damages. However, BWR or its associates may have other commercial transactions with the company/entity. BWR and its affiliates do not act as a fiduciary.

BWR keeps certain activities of its business units separate from each other in order to preserve the independence and objectivity of the respective activity. As a result, certain business units of BWR may have information that is not available to other BWR business units. BWR has established policies and procedures to maintain the confidentiality of certain non-public information received in connection with each analytical process.

BWR clarifies that it may have been paid a fee by the issuers or underwriters of the instruments, facilities, securities etc., or from obligors. BWR's public ratings and analysis are made available on its web site, www.brickworkratings.com. More detailed information may be provided for a fee. BWR's rating criteria are also generally made available without charge on BWR's website.

This disclaimer forms an integral part of the Ratings Rationales / Rating Reports or other press releases, advisories, communications issued by BWR and circulation of the ratings without this disclaimer is prohibited.

BWR is bound by the Code of Conduct for Credit Rating Agencies issued by the Securities and Exchange Board of India and is governed by the applicable regulations issued by the Securities and Exchange Board of India as amended from time to time.