ICRA places Tata Tea on watch

New Delhi, Sep 2 (UNI) Following announcement of Tata Tea Ltd (TTL) to acquire 30 per cent stake in US-based EBI (Glaceau) jointly with Tata Sons, credit rating agency ICRA has placed the LAAA rating assigned to its Rs 100 crore NCD programme.

In addition, MAAA rating has been assigned to the fixed deposit programme and A1+ rating to the Rs 75 crore CP programme of TLL.

ICRA is in touch with the management of TTL to evaluate the impact of this acquisition and means of financing on the credit quality of TTL.

The final rating would be announced on completion of the evaluation.

UNI DKS CS PC1603