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 Money & Banking - Credit Rating


Iffco borrowing on rating watch

Our Bureau

Mumbai , Sept. 29

CRISIL said on Thursday that it has placed on `rating watch with developing implications' the Rs 400-crore long term borrowing programme of Indian Farmers Fertiliser Cooperative Ltd . The programme had `AA+' rating till now.

The rating action follows the Iffco board's approval, granted on Thursday, to acquire the Paradip unit of Oswal Chemicals and Fertilisers Ltd (Oswal) in an all-cash deal of Rs 2,200 crore, subject to necessary regulatory clearances.

The acquisition deal is significant in size, aggregating to 66 per cent of Iffco's current net worth.

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