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Moody's assigns Baa3 issuer rating
to Tata Chemicals Limited
Mumbai
January 2, 2007
Moody's investor service has assigned an investment grade
Baa3 foreign currency issuer rating to Tata Chemicals Limited
(TCL). 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.
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