GACL put under Crisil rating watch

MUMBAI, JUNE 15: The fixed deposit programme of Gujarat Ambuja Cotspin Ltd (GACL), with an outstanding rating of FA-, has been placed on rating watch with developing implications, by the Credit Rating Information Services of India Ltd (Crisil).

In the wake of proposed amalgamations of GACL developing with its group company Gujarat Ambuja Exports Ltd (GAEL) alongwith another group company Gujarat Ambuja Proteins Ltd (GAPL), the rating has been placed on rating watch with developing implications, a Crisil release here stated. Crisil is in dialogue with the management of GACL to ascertain the impact of the amalgamation exercise on the credit quality of the company and would announce necessary change in the rating, if required, it stated.