Moody's investor service has assigned an investment grade Baa3 foreign currency issuer rating to Tata Chemicals Limited. The rating outlook is stable. This is the first time that Moody's has assigned a rating to TCL.
The stable outlook reflects the expectation that Tata Chemicals will maintain strong credit protection measures over the next 12-24 months, a view supported by the favourable outlook for the soda ash industry in the next 12-18 months, and as driven by the strong demand from India's glass and detergent industries.
Said Mr. P. K. Ghose, Chief Financial Officer, Tata Chemicals Limited, "This rating reflects our leading position in some of our key markets and our prudent financial management."
About Tata Chemicals Ltd.
Established in 1939 Tata Chemicals Limited is India's leading manufacturer of inorganic chemicals, fertilizers and food additives. Part of US$ 22billion Tata Group, the company owns and operates the largest and the most integrated inorganic chemicals complex in the country at Mithapur, Gujarat. The company's state of art fertilizer complex at Babrala, Uttar Pradesh, is known for its world class energy efficiency standards, and has won several awards in the field of environmental conservation, community development and safety. TCL' s phosphatic fertilizer complex at Haldia in West Bengal is currently the only manufacturing unit for DAP /NPK complexes in West Bengal.
The company has an annual turnover of over Rs.4000 crores and employs over 3000 personnel. The acquisition of an equal partnership in Indo Maroc Phosphore S.A. (IMACID) along with Chambal fertilizers and global phosphate major, OCP of Morocco recently, was the first step that TCL took towards internationalization In 2006 TCL acquired Brunner Mond group in UK making it the world's third largest producer of Soda ash with manufacturing locations in three continents.