Rating Rationale
March 22, 2024 | Mumbai
Vedanta Limited
'CRISIL AA-/Watch Developing' assigned to Non Convertible Debentures; Ratings continues on 'Watch Developing'
 
Rating Action
Total Bank Loan Facilities RatedRs.56263.5 Crore
Long Term RatingCRISIL AA-/Watch Developing (Continues on 'Rating Watch with Developing Implications')
Short Term RatingCRISIL A1+/Watch Developing (Continues on 'Rating Watch with Developing Implications')
 
Rs.1000 Crore Non Convertible DebenturesCRISIL AA-/Watch Developing (Assigned; Placed on 'Rating Watch with Developing Implications)
Rs.6444 Crore Non Convertible DebenturesCRISIL AA-/Watch Developing (Continues on 'Rating Watch with Developing Implications')
Rs.2200 Crore (Reduced from Rs.3000 Crore) Non Convertible DebenturesCRISIL AA-/Watch Developing (Continues on 'Rating Watch with Developing Implications')
Rs.10000 Crore Commercial PaperCRISIL A1+/Watch Developing (Continues on 'Rating Watch with Developing Implications')
Note: None of the Directors on CRISIL Ratings Limited’s Board are members of rating committee and thus do not participate in discussion or assignment of any ratings. The Board of Directors also does not discuss any ratings at its meetings.
1 crore = 10 million
Refer to Annexure for Details of Instruments & Bank Facilities

Detailed Rationale

CRISIL Ratings has continued its ratings on the bank facilities and debt instruments of Vedanta Ltd (Vedanta; part of the Vedanta group) on ‘Rating Watch with Developing Implications’. CRISIL Ratings has also assigned its ‘CRISIL AA-/Watch Developing’ rating to the Rs.1000 crore non-convertible debentures.

 

CRISIL Ratings has withdrawn its rating on Rs 800 crore of Non-convertible debentures on its full redemption. The withdrawal is in line with CRISIL Rating’s withdrawal policy (See Annexure 'Details of rating withdrawn' for details).

 

The ratings continue to factor in the healthy operating performance of Vedanta during the first nine months of fiscal 2024, reduced dependence on large dividend payouts over the medium term due to lower maturities at the parent, Vedanta Resources Ltd (VRL; post the liability management exercise) and the expectations of CRISIL Ratings of improvement in liquidity and financial flexibility of Vedanta in the near term.

 

That said, despite reduction, VRL’s annual debt maturities and interest obligation remain meaningful for fiscals 2025 and 2026 and will require refinancing. This is because the expected dividend payout through operating cash accrual and brand and management fees by Vedanta may fall short against VRL’s annual debt obligation. However, more-than-expected dividend distribution, impacting liquidity at Vedanta, will remain a key rating sensitivity factor.

 

The developing watch continues to factor in the corporate announcement by Vedanta that it will demerge its aluminium, oil and gas, power, base metal (zinc international and copper business) and iron and steel businesses into separate standalone listed entities. However, the deal will need requisite approvals, including from shareholders and lenders, and could take 3-4 quarters for completion. Also, clarity on allocation of assets and liabilities across entities under the proposed structure, along with group/parent support philosophy for each entity, is yet to emerge. This will be critical for evaluating the credit profiles of the entities, including Vedanta, under the proposed structure and for resolution of the rating watch. Higher-than-expected allocation of the debt at resulting demerged entities leading to higher leverage than corresponding rating thresholds may result in a rating action. Based on the current understanding, CRISIL Ratings expects likely rating action to be not more than a notch. That said, CRISIL Ratings will continue to monitor developments regarding the proposed organisational restructuring.

 

The ratings also factor in expected improvement in financial flexibility of Vedanta due to the reduced refinancing risk at VRL after it successfully completed the liability management exercise earlier this quarter. CRISIL Ratings understands that Vedanta is in the process of raising funds with reduced cost of borrowing, which had increased recently. Lower-than-expected reduction in the cost of borrowing for any incremental fundraising by the company will be a key rating sensitivity factor.

 

The ratings continue to factor in the expectation that Vedanta’s consolidated operating profitability (earnings before interest, tax, depreciation and amortisation [Ebitda]) for fiscal 2024 is expected to be around Rs 34,500 crore[1] (~Rs 35,250 crore in fiscal 2023). This will be supported by reduced cost pressure and healthy operating rates across key business segments, along with recent gains from the arbitration award in the oil and gas business, despite commodity prices remaining modest and slower-than-expected progress on the planned capital expenditure (capex) in the aluminium business.

 

Vedanta’s consolidated operating profitability in fiscal 2025 is expected to be above Rs 35,000 crore. This is on account of the expected increase in backward integration and volume in the aluminium business after commissioning of ongoing capex, robust operating rates across key businesses, and continued efficiency gains. Timely completion of the ongoing capex and ramp-up of new capacities and the consequent improvement in operating profitability will be a key monitorable.

 

The ratings continue to factor in the strong business risk profile of Vedanta, driven by its presence across commodities, cost-efficient operations in the domestic zinc and oil and gas businesses, and improving profitability in the aluminium business. These strengths are partially offset by high debt level, large capex and dividend payouts, and susceptibility to volatility in commodity prices and regulatory risk.


[1] It does not include brand and management fees paid to VRL

Analytical Approach

CRISIL Ratings has combined the business and financial risk profiles of Vedanta and its subsidiaries, collectively known as the Vedanta group, considering their operational and financial linkages. Key subsidiaries include Hindustan Zinc Ltd (HZL, ‘CRISIL AAA/Stable/CRISIL A1+’); the group's zinc business in Namibia and South Africa (termed Zinc International); Bharat Aluminium Company Ltd (Balco; 'CRISIL AA-/CRISIL A1+/Watch Developing’); Talwandi Sabo Power Ltd (‘CRISIL AA- (CE)/CRISIL A1+ (CE)/Watch Developing’); and ESL Steels Ltd (‘CRISIL AA-/CRISIL A1+/Watch Developing’).

 

CRISIL Ratings has included debt of VRL (estimated around $5.7 billion [excluding outstanding intercompany loans [ICL] of $450 million) or Rs 47,500 crore as on September 30, 2023, to calculate the adjusted debt. This is because despite no legal recourse of VRL’s debtholders to Vedanta, debt servicing by the parent will depend on the dividend outflow from Vedanta or refinancing, based on the implicit strength of the investments held by VRL, primarily Vedanta.

 

Please refer Annexure - List of Entities Consolidated, which captures the list of entities considered and their analytical treatment of consolidation.

Key Rating Drivers & Detailed Description

Strengths

  • Diversified business risk profile

The Vedanta group operates across various businesses spanning zinc, lead, silver, aluminium, oil and gas, iron ore, power and steel. The group is among the largest producers in all these segments, thus commanding a strong position in the domestic market. A well-diversified business risk profile cushions the group from commodity-specific risks and cyclicality.

 

 

  • Low-cost position of key businesses

The domestic zinc, lead and silver businesses are supported by low cost of production, large reserves and continued resource addition. Profitability in the oil and gas business is aided by low operating cost and a business model that ensures recovery of capex. Cash flow will be driven by capex-led growth in volume over the medium term.

 

Vedanta has recently won an arbitration award pertaining to the disallowed exploration costs claim, raised by the Directorate General of Hydrocarbons. CRISIL Ratings understands that this has resulted in higher profit-sharing with the Government of India. The management believes that this could be recovered over the next 4-5 quarters and thus support cash accrual.

 

  • Higher integration to support profitability in the aluminium business over the medium term

Ebitda per tonne in the aluminium business rose nearly 42%, to $459 in the first nine-months of fiscal 2024, from $322 for the full fiscal 2023. This was mainly driven by a 35% drop in power cost, led by improved materialisation of linkage coal and fall in coal prices. On the contrary, cost of alumina was volatile due to lower domestic bauxite mix and maintenance shutdown of the refinery during the second quarter. CRISIL Ratings understands that the domestic bauxite mix will increase over the next three quarters and materialisation of linkage coal will improve over the medium term, along with sustenance of lower coal prices. Ebitda per tonne will likely improve to $500-550 for the current fiscal.

 

Vedanta is undertaking capex for backward integration of its aluminium business. As part of the capex, the alumina refinery capacity will be enhanced to 5 million tonne per annum (MTPA) in a phased manner over the next two quarters, from the existing 2 MTPA. The group also plans to develop captive coal mines with combined capacity of 34 MTPA and bauxite mine with a capacity of 6 MTPA. Bulk of this capex is to be implemented during the first half of fiscal 2025. Operationalisation of captive coal blocks at Kurloi north and Radhikapur (west) in the second quarter of the next fiscal in Odisha and focus on increasing local bauxite and alumina sourcing should enhance cost efficiency over the medium term. The coal block at Ghogharpalli in Odisha is likely to be commissioned during the first quarter of fiscal 2026, which will improve coal security for the aluminium business. This, along with the ongoing expansion in refinery capacity, should enhance operating efficiency with full effect from fiscal 2025 onwards. Any material delay in structural improvement in the operational integration of the aluminium business, resulting in lower-than-expected growth in profitability, will remain a key monitorable.

 

  • Strong volume growth expected with capital allocation towards the zinc, aluminium and iron ore businesses

Increased mined metal capacity in domestic zinc, along with ramp-up of Gamsberg’s (South Africa) operations in Zinc International, will support the scale-up in volume. Furthermore, Vedanta is undertaking brownfield expansion of its aluminium smelter capacity (by 414 kilo tonne per annum [KTPA] in Balco), and also increasing its level of integration by expanding its refinery and increasing the share of value-added products. All these projects are expected to be commissioned in a phased manner over the next 3-4 quarters. In addition, CRISIL Ratings understands that the company will be increasing its iron ore capacities (domestic as well as overseas) over the next 1-2 years, which would further support volume growth. While the company is looking to divest its steel and iron ore business to support deleveraging, CRISIL Ratings understands that no binding sale agreement has been executed, which will be monitorable.

 

Weaknesses

  • Continued refinancing risk at VRL and reduced liquidity at Vedanta, limiting flexibility of surplus dividend

While the liability management exercise has extended most of the debt maturities at VRL, the company still has significant external debt maturities ($900 million per annum) over the next two fiscals. Hence, its dependence on refinancing or higher dividend payout by Vedanta continue to remain high. However, large dividend payouts during fiscal 2023 have resulted in significant reduction in cash balances at Vedanta. This has increased VRL’s dependence on timely refinancing of upcoming debt maturities. Based on discussions with the management, CRISIL Ratings understands that the deleveraging through inorganic route of asset monetisation is still underway. Furthermore, the management has articulated that normal dividend distribution along with payment of brand fees should be sufficient to address majority of the debt maturities at VRL during fiscal 2025. VRL’s demonstrated ability to raise funds by stake sale during the current fiscal with its existing shareholding in Vedanta being significantly higher than 50% (currently at ~62%), and the group’s track record of successful refinancing, provide some comfort and flexibility to VRL. However, timely refinancing or repayment of debt maturities will be a key monitorable.

 

High leverage due to large debt (including VRL); though expected to improve over the medium term

Vedanta has had continued high debt levels over the past few fiscals, on account of large debt of its parent. Furthermore, continued assistance through dividend payout to the parent to support the latter’s debt servicing has resulted in significant cash outflow to minority shareholders. This, along with moderation in operating profitability in the current and last fiscals, resulted in net leverage weakening to 3.4 times as of March 2024 and March 2023, from 2.2 times in March 2022. That said, consolidated net leverage may improve over the medium term, with expected improvement in profitability, reduced dividend outflow and continued focus on deleveraging will remain monitorable.

 

While the company has been incurring capex over the past fiscals (Rs 16,000 crore in fiscal 2023 and expected at Rs 15,000-20,000 crore in fiscals 2024 and 2025), it is likely to be funded by a mix of debt and equity. Also, prudent capital allocation has backed increase in annual Ebitda against the levels seen before the Covid 19 pandemic. That said, profitability remains susceptible to volatility in the prices of metals and oil and gas. Any further delay in ramp-up of annual Ebitda against expectations, material acquisition or higher-than-expected cash outflow to support VRL will remain monitorable.

 

CRISIL Ratings has also noted the management’s continued focus on deleveraging, including the intent to bring debt at VRL under $5 billion over the medium term. Debt at VRL has already reduced by nearly $3 billion since March 2022, resulting in outstanding external debt of $5.7 billion (excluding outstanding ICL of $450 million) as on September 30, 2023. Thus, expected reduction in consolidated gross and net debt (including debt at VRL) should support financial flexibility of both Vedanta and VRL over the medium term, and will be a key monitorable. Any change or delay along these expectations will be a key rating sensitivity factor.

 

CRISIL Ratings also understands that the proposed capex for the semi-conductor and display production businesses (after calling off the joint venture with Foxconn) will now be executed under Vedanta. However, the management has articulated that the project is at a nascent stage and there will be no immediate capital outlay towards it. Progress in the semiconductor business will depend on identification of a new technology partner and various regulatory approvals, including the production-linked incentive scheme, which are monitorable. Also, CRISIL Ratings understands that there is no major capex requirement for the Konkola Copper Mines Plc (KCM) business over the medium term. Further developments in this regard will remain monitorable.

 

  • Susceptibility to changes in regulations

The businesses are vulnerable to regulatory risk. The copper smelting plant at Thoothukkudi in Tamil Nadu has been shut since May 2018 following a directive from the Tamil Nadu Pollution Control Board. Suspension of the iron ore mining operations in Goa currently, and in Karnataka in the past, have adversely impacted the iron ore business. Furthermore, the March 2021 order of the Delhi High Court on profit sharing contract (PSC) extension, ruling against the company, will reduce the profit margin for the oil and gas business.

Liquidity: Strong

Cash accrual before dividend payout, projected at around Rs 25,000 crore in fiscal 2024 and Rs 26,000 - 28,000 crore in fiscal 2025, will comfortably cover Vedanta’s term debt obligation of Rs 7,000 crore for the last quarter of fiscal 2024 and Rs 11,600 crore for full fiscal 2025. Cash balance of Rs 12,734 crore (net of ICL to VRL) as on December 31, 2023, unutilised bank limit (around Rs 12,000 crore as of January 31, 2024), and flexibility regarding capex, support liquidity at Vedanta. The company is in the process to refinance a significant portion of its principal debt obligation in fiscals 2024 and 2025, based on its track record and strong banking relationships.

 

Liquidity for VRL witnessed moderation

The parent has annual interest expense of Rs 6,700-7,000 crore ($800-850 million) towards its outstanding debt, and services it mainly through dividend received from Vedanta and partly through management and brand fees, also from the latter. While VRL has refinanced most of its near-term debt maturities ($3.2 billion) through the liability management exercise, it still has significant debt maturities ($900 million per annum) over the next two fiscals. It is expected to refinance or partly repay it in a timely manner. Any delay in expected timelines for required refinancing (of 3-6 months in advance) or future debt servicing will be key rating sensitivity factor.

 

Environment, social, and governance (ESG) profile

Vedanta has a dominant position in the metals and mining sector and has diversified its business risk profile with presence across multiple commodities such as zinc, aluminium, oil and gas, and iron ore. However, for the ESG assessment, CRISIL Ratings has evaluated Vedanta’s top three business segments (zinc, aluminium, and oil and gas) which, on a combined basis, contribute more than 90% to the consolidated operating profit.

 

The ESG profile supports the existing credit risk profile of Vedanta. The metal and mining sector has a significant impact on the environment owing to high greenhouse gas (GHG) emissions, waste generation and water consumption. This is because of the energy-intensive manufacturing process and its high dependence on natural resources such as coal. The sector also has a significant social impact because of its large workforce across its operations and value chain partners, and also as its operations affect the local community and involve health hazards.

 

Key highlights

  • Vedanta aims to become carbon neutral by 2050 or sooner – it envisages 20% reduction in GHG emissions intensity by 2025, from the 2012 baseline, and 25% reduction in its absolute carbon emission intensity by 2030. Vedanta has reduced GHG emissions by 57% from fiscal 2021 baseline.
  • The company has been improving its water recycling rate and recycled 30.6% of total water consumed in fiscal 2022. It has set a target to achieve net water positivity by 2030. The company recycled 98% of its high-volume, low-toxicity waste in fiscal 2022 (94% in fiscal 2021), and targets zero net waste by 2025.
  • The loss time injury frequency rate for Vedanta was 0.42 in fiscal 2023 against 0.46 in the previous fiscal for the permanent employees of the business. The company had more fatalities in the past year as compared to earlier. However, the company targets zero harm and fatalities going forward.
  • Gender diversity is 8.01% and the company aims to increase the share of women employees to 20% by 2030.
  • The governance structure is characterised by 50% of the board comprising independent directors (none with tenure exceeding 10 years), split in chairman and CEO positions, dedicated investor grievance redressal mechanism and healthy disclosures.
  • Few regulatory issues, mainly related to environmental concerns, have led to suspension of some businesses (copper business in Tamil Nadu and iron ore mining in Goa due to state-wide ban on mining in Goa) in the past few years. These events have also had social impact due to job losses. These matters are sub judice.

 

There is growing importance of ESG among investors and lenders. The commitment of Vedanta to ESG principles will play a key role in enhancing stakeholder confidence, given its high share of market borrowing in its overall debt and access to both domestic and foreign capital markets (mainly by VRL).

Rating Sensitivity factors

Upward factors

  • Significant increase in Ebitda owing to ramp-up in volume and continued cost efficiency across businesses, and improving business resilience, on sustained basis
  • Structural and sustained improvement in aluminium profitability, with total cost of production of aluminium structurally reducing to below $1,800 per tonne, resulting in Ebitda per tonne higher than $700-800 on sustained basis
  • Sustained deleveraging with material reduction in consolidated net debt on continued basis, resulting in significantly higher-than-expected reduction in net debt to Ebitda ratio, from the current levels

 

Downward factors

  • Lower-than-expected Ebitda because of higher-than-expected cost of production, slower ramp-up in volumes or lower realisation
  • Delay in meaningful correction in financial leverage with net debt to Ebitda ratio sustaining above 3.2 – 3.4 times
  • Financial stress at VRL leading to reduced financial flexibility at Vedanta
  • Any incremental investment or support to VRL or Volcan Investments Ltd resulting in leverage at Vedanta remaining higher than rating thresholds

About the Company

VRL holds 61.95% stake in Vedanta and has diversified operations across metals, mining, power, and oil and gas segments.

 

Capacities

Location

2.3 MTPA aluminium smelters in VDL and Balco

Jharsuguda, Odisha

2.0 MTPA alumina refinery

Lanjigarh, Odisha

1,980-megawatt independent power plant

Talwandi Sabo, Punjab

1.2 MTPA zinc/silver mines and 0.9 MTPA zinc smelters

5.6 MTPA zinc mines and 290 kilo tonne zinc smelters

Rajasthan

South Africa, Namibia

1,194 million barrels of oil equivalent oil and gas reserves

Rajasthan, Gujarat, Maharashtra, Andhra Pradesh, Assam, Tamil Nadu and Tripura

1.5 MTPA long steel rolling in Electrosteel Steel (held 95.5%)

Bokaro, Jharkhand

 

During the first nine months of fiscal 2024, Vedanta reported revenue from operations of Rs 1,06,856 crore and profit after tax (PAT) of Rs 5,264 crore as compared with Rs 1,08,179 crore and Rs 11,374 crore for the corresponding period last year, respectively.

Key Financial Indicators*

Particulars

Unit

FY23

FY22

Operating income

Rs crore

148,790

131,192

Profit after tax (PAT)

Rs crore

14,503

23,710

PAT margin

%

9.7

18.1

Adjusted debt/adjusted net-worth

Times

2.92

1.59

Interest coverage

Times

6.1

9.45

*CRISIL Ratings adjusted numbers

Any other information: Not applicable

Note on complexity levels of the rated instrument:
CRISIL Ratings` complexity levels are assigned to various types of financial instruments and are included (where applicable) in the 'Annexure - Details of Instrument' in this Rating Rationale.

CRISIL Ratings will disclose complexity level for all securities - including those that are yet to be placed - based on available information. The complexity level for instruments may be updated, where required, in the rating rationale published subsequent to the issuance of the instrument when details on such features are available.

For more details on the CRISIL Ratings` complexity levels please visit www.crisilratings.com. Users may also call the Customer Service Helpdesk with queries on specific instruments.

Annexure - Details of Instrument(s)

ISIN Name of instrument Date of allotment Coupon rate (%) Maturity date Issue size (Rs crore) Complexity level Rating assigned with outlook
INE205A07196 Debentures 25-Feb-2020 9.20% 25-Feb-2030 2000 Simple CRISIL AA-/Watch Developing
INE205A07212 Debentures 31-Dec-2021 7.68% 31-Dec-2024 1000 Simple CRISIL AA-/Watch Developing
INE205A07220 Debentures 29-Jun-2022 8.74% 29-Jun-2032 4089 Simple CRISIL AA-/Watch Developing
NA Debentures% NA NA NA 1555 Simple CRISIL AA-/Watch Developing
NA Debentures% NA NA NA 1000 Simple CRISIL AA-/Watch Developing
NA Commercial paper NA NA 7-365 days 10000 Simple CRISIL A1+/Watch Developing
NA Fund-based facilities^ NA NA NA 5,450 NA CRISIL AA-/Watch Developing
NA Fund-based facilities NA NA NA 540 NA CRISIL AA-/Watch Developing
NA Fund-based facilities** NA NA NA 250 NA CRISIL AA-/Watch Developing
NA Non-fund-based limit# NA NA NA 19,990 NA CRISIL A1+/Watch Developing
NA Non-fund-based limit NA NA NA 820 NA CRISIL A1+/Watch Developing
NA Non-fund-based limit* NA NA NA 500 NA CRISIL AA-/Watch Developing
NA Proposed long-term bank loan facility NA NA NA 2682 NA CRISIL AA-/Watch Developing
NA Term loan NA NA 30-Sep-2026 38 NA CRISIL AA-/Watch Developing
NA Term loan NA NA 31-Dec-2026 41 NA CRISIL AA-/Watch Developing
NA Term loan 14-Dec-2021 NA 30-Sep-2026 67 NA CRISIL AA-/Watch Developing
NA Term loan 31-Oct-2020 NA 31-Jan-2025 54 NA CRISIL AA-/Watch Developing
NA Term loan NA NA 30-Sep-2026 126 NA CRISIL AA-/Watch Developing
NA Term loan 27-Jul-2018 NA 30-Sep-2024 143.5 NA CRISIL AA-/Watch Developing
NA Term loan NA NA 31-Dec-2026 176 NA CRISIL AA-/Watch Developing
NA Term loan NA NA 30-Sep-2026 189 NA CRISIL AA-/Watch Developing
NA Term loan NA NA 30-Sep-2026 210 NA CRISIL AA-/Watch Developing
NA Term loan 24-Mar-2023 NA 23-Mar-2028 238 NA CRISIL AA-/Watch Developing
NA Term loan 30-Nov-2019 NA 31-Mar-2025 350 NA CRISIL AA-/Watch Developing
NA Term loan 30-Sep-2018 NA 30-Dec-2028 348 NA CRISIL AA-/Watch Developing
NA Term loan 12-Mar-2020 NA 30-Jun-2025 414 NA CRISIL AA-/Watch Developing
NA Term loan NA NA 31-Dec-2026 440 NA CRISIL AA-/Watch Developing
NA Term loan 29-Apr-2022 NA 31-Dec-2026 443 NA CRISIL AA-/Watch Developing
NA Term loan 28-Nov-2022 NA 30-Nov-2027 425 NA CRISIL AA-/Watch Developing
NA Term loan 15-Feb-2023 NA 31-Dec-2027 490 NA CRISIL AA-/Watch Developing
NA Term loan 8-Dec-2022 NA 31-Dec-2029 743 NA CRISIL AA-/Watch Developing
NA Term loan 25-Jul-2014 NA 30-Sep-2025 708 NA CRISIL AA-/Watch Developing
NA Term loan 18-Jul-2022 NA 30-Jun-2027 910 NA CRISIL AA-/Watch Developing
NA Term loan 31-Mar-2022 NA 31-Mar-2028 1000 NA CRISIL AA-/Watch Developing
NA Term loan 28-Sep-2021 NA 30-Sep-2026 940 NA CRISIL AA-/Watch Developing
NA Term loan 30-Jun-2022 NA 31-Mar-2027 1157 NA CRISIL AA-/Watch Developing
NA Term loan 30-Jan-2023 NA 27-Feb-2028 1166 NA CRISIL AA-/Watch Developing
NA Term loan 24-Nov-2022 NA 30-Nov-2024 300 NA CRISIL AA-/Watch Developing
NA Term loan 30-Aug-2021 NA 30-Sep-2026 410 NA CRISIL AA-/Watch Developing
NA Term loan 15-Sep-2021 NA 30-Sep-2026 410 NA CRISIL AA-/Watch Developing
NA Term loan 31-Dec-2021 NA 30-Sep-2027 1945 NA CRISIL AA-/Watch Developing
NA Term loan 26-Aug-2021 NA 30-Sep-2026 3901 NA CRISIL AA-/Watch Developing
NA Term loan 3-Aug-2018 NA 31-Mar-2028 7038 NA CRISIL AA-/Watch Developing
NA Term loan 31-Mar-2022 NA 31-Mar-2025 211 NA CRISIL AA-/Watch Developing
NA Term Loan 1-Sep-2023 NA 1-Sep-2028 1000 NA CRISIL AA-/Watch Developing

^ Fund-based limit is completely interchangeable with non-fund-based limit

#Non-fund-based limit of Rs 2,000 crore is interchangeable with fund-based limit

*Capex letter of credit limit is interchangeable with operational non-fund-based limit

% Yet to be placed

**Interchangeable between Fund Based (all categories’, including Intra-day overdraft) and Non-Fund Based”

 

Annexure - Details of Rating Withdrawn

ISIN

Name of instrument

Date of allotment

Coupon rate (%)

Maturity date

Issue size (Rs crore)

Complexity level

Rating assigned with outlook

INE205A08012

Debentures

16-Dec-2022

3M T-bill

15-Mar-2024

800

Simple

Withdrawn

Annexure – List of entities consolidated

Name of entity

Type of consolidation

Rationale for consolidation

Hindustan Zinc Ltd

Full consolidation

Significant financial and operational linkages

Bharat Aluminium Company Ltd

Full consolidation

Significant financial and operational linkages

MALCO Energy Ltd

Full consolidation

Significant financial and operational linkages

Talwandi Sabo Power Ltd

Full consolidation

Significant financial and operational linkages

Sesa Resources Ltd

Full consolidation

Significant financial and operational linkages

Sesa Mining Corporation Ltd

Full consolidation

Significant financial and operational linkages

Sterlite Ports Ltd

Full consolidation

Significant financial and operational linkages

Maritime Ventures Pvt Ltd

Full consolidation

Significant financial and operational linkages

Goa Sea Port Pvt Ltd

Full consolidation

Significant financial and operational linkages

Vizag General Cargo Berth Pvt Ltd

Full consolidation

Significant financial and operational linkages

Paradip Multi Cargo Berth Pvt Ltd

Full consolidation

Significant financial and operational linkages

Copper Mines of Tasmania Pty Ltd

Full consolidation

Significant financial and operational linkages

Thalanga Copper Mines Pty Ltd

Full consolidation

Significant financial and operational linkages

Monte Cello B V

Full consolidation

Significant financial and operational linkages

Bloom Fountain Ltd

Full consolidation

Significant financial and operational linkages

Twinstar Energy Holding Ltd

Full consolidation

Significant financial and operational linkages

Twinstar Mauritius Holding Ltd

Full consolidation

Significant financial and operational linkages

Western Clusters Ltd

Full consolidation

Significant financial and operational linkages

Sterlite (USA) Inc

Full consolidation

Significant financial and operational linkages

Fujairah Gold FZC

Full consolidation

Significant financial and operational linkages

THL Zinc Ventures Ltd

Full consolidation

Significant financial and operational linkages

THL Zinc Ltd

Full consolidation

Significant financial and operational linkages

THL Zinc Holding B V

Full consolidation

Significant financial and operational linkages

THL Zinc Namibia Holdings (Proprietary) Ltd

Full consolidation

Significant financial and operational linkages

Skorpion Zinc (Proprietary) Ltd

Full consolidation

Significant financial and operational linkages

Skorpion Mining Company (Proprietary) Ltd

Full consolidation

Significant financial and operational linkages

Namzinc (Proprietary) Ltd

Full consolidation

Significant financial and operational linkages

Amica Guesthouse (Proprietary) Ltd

Full consolidation

Significant financial and operational linkages

Rosh Pinah Healthcare (Proprietary) Ltd

Full consolidation

Significant financial and operational linkages

Black Mountain Mining (Proprietary) Ltd

Full consolidation

Significant financial and operational linkages

Vedanta Lisheen Holdings Ltd

Full consolidation

Significant financial and operational linkages

Vedanta Lisheen Mining Ltd

Full consolidation

Significant financial and operational linkages

Killoran Lisheen Mining Ltd

Full consolidation

Significant financial and operational linkages

Killoran Lisheen Finance Ltd

Full consolidation

Significant financial and operational linkages

Lisheen Milling Ltd

Full consolidation

Significant financial and operational linkages

Vedanta Exploration Ireland Ltd

Full consolidation

Significant financial and operational linkages

Lisheen Mine Partnership

Full consolidation

Significant financial and operational linkages

Lakomasko BV

Full consolidation

Significant financial and operational linkages

Cairn India Holdings Ltd

Full consolidation

Significant financial and operational linkages

Cairn Energy Hydrocarbons Ltd

Full consolidation

Significant financial and operational linkages

Cairn Exploration (No. 2) Ltd

Full consolidation

Significant financial and operational linkages

Cairn Energy Gujarat Block 1 Ltd

Full consolidation

Significant financial and operational linkages

Cairn Energy Discovery Ltd

Full consolidation

Significant financial and operational linkages

Cairn Energy India Pty Ltd

Full consolidation

Significant financial and operational linkages

CIG Mauritius Holdings Pvt Ltd

Full consolidation

Significant financial and operational linkages

CIG Mauritius Pvt Ltd

Full consolidation

Significant financial and operational linkages

Cairn Lanka (Pvt) Ltd

Full consolidation

Significant financial and operational linkages

Cairn South Africa Proprietary Ltd

Full consolidation

Significant financial and operational linkages

Avanstrate (Japan) Inc (ASI)

Full consolidation

Significant financial and operational linkages

Avanstrate (Korea) Inc

Full consolidation

Significant financial and operational linkages

Avanstrate (Taiwan) Inc

Full consolidation

Significant financial and operational linkages

Sesa Sterlite Mauritius Holdings Ltd

Full consolidation

Significant financial and operational linkages

ESL Steels Ltd

Full consolidation

Significant financial and operational linkages

RoshSkor Township (Pty) Ltd

Equity method

Proportionate consolidation

Gaurav Overseas Pvt Ltd

Equity method

Proportionate consolidation

Rampia Coal Mines and Energy Pvt Ltd

Equity method

Proportionate consolidation

Madanpur South Coal Company Ltd

Equity method

Proportionate consolidation

Goa Maritime Pvt Ltd

Equity method

Proportionate consolidation

Annexure - Rating History for last 3 Years
  Current 2024 (History) 2023  2022  2021  Start of 2021
Instrument Type Outstanding Amount Rating Date Rating Date Rating Date Rating Date Rating Rating
Fund Based Facilities LT 34953.5 CRISIL AA-/Watch Developing 19-01-24 CRISIL AA-/Watch Developing 26-12-23 CRISIL AA-/Watch Developing 30-12-22 CRISIL AA/Stable 25-11-21 CRISIL AA-/Positive CRISIL A1+ / CRISIL AA-/Stable
      --   -- 12-12-23 CRISIL AA-/Watch Developing 30-09-22 CRISIL AA/Stable 27-10-21 CRISIL AA-/Positive CRISIL AA/Negative
      --   -- 17-11-23 CRISIL AA-/Watch Developing 12-08-22 CRISIL AA/Stable 03-05-21 CRISIL AA-/Stable --
      --   -- 13-10-23 CRISIL AA/Watch Negative 29-07-22 CRISIL AA/Stable 08-02-21 CRISIL A1+ / CRISIL AA-/Stable --
      --   -- 04-10-23 CRISIL AA/Watch Negative 06-05-22 CRISIL AA/Stable   -- --
      --   -- 26-04-23 CRISIL AA/Negative 18-04-22 CRISIL AA/Stable   -- --
      --   -- 28-03-23 CRISIL AA/Negative 25-02-22 CRISIL AA/Stable   -- --
      --   --   -- 25-01-22 CRISIL AA-/Positive   -- --
Non-Fund Based Facilities ST/LT 21310.0 CRISIL A1+/Watch Developing / CRISIL AA-/Watch Developing 19-01-24 CRISIL A1+/Watch Developing / CRISIL AA-/Watch Developing 26-12-23 CRISIL A1+/Watch Developing / CRISIL AA-/Watch Developing 30-12-22 CRISIL A1+ / CRISIL AA/Stable 25-11-21 CRISIL AA-/Positive / CRISIL A1+ CRISIL A1+
      --   -- 12-12-23 CRISIL A1+/Watch Developing / CRISIL AA-/Watch Developing 30-09-22 CRISIL A1+ / CRISIL AA/Stable 27-10-21 CRISIL AA-/Positive / CRISIL A1+ --
      --   -- 17-11-23 CRISIL A1+/Watch Developing / CRISIL AA-/Watch Developing 12-08-22 CRISIL A1+ / CRISIL AA/Stable 03-05-21 CRISIL A1+ / CRISIL AA-/Stable --
      --   -- 13-10-23 CRISIL A1+ / CRISIL AA/Watch Negative 29-07-22 CRISIL A1+ / CRISIL AA/Stable 08-02-21 CRISIL A1+ / CRISIL AA-/Stable --
      --   -- 04-10-23 CRISIL A1+ / CRISIL AA/Watch Negative 06-05-22 CRISIL A1+ / CRISIL AA/Stable   -- --
      --   -- 26-04-23 CRISIL AA/Negative / CRISIL A1+ 18-04-22 CRISIL A1+ / CRISIL AA/Stable   -- --
      --   -- 28-03-23 CRISIL AA/Negative / CRISIL A1+ 25-02-22 CRISIL A1+ / CRISIL AA/Stable   -- --
      --   --   -- 25-01-22 CRISIL AA-/Positive / CRISIL A1+   -- --
Commercial Paper ST 10000.0 CRISIL A1+/Watch Developing 19-01-24 CRISIL A1+/Watch Developing 26-12-23 CRISIL A1+/Watch Developing 30-12-22 CRISIL A1+ 25-11-21 CRISIL A1+ CRISIL A1+
      --   -- 12-12-23 CRISIL A1+/Watch Developing 30-09-22 CRISIL A1+ 27-10-21 CRISIL A1+ --
      --   -- 17-11-23 CRISIL A1+/Watch Developing 12-08-22 CRISIL A1+ 03-05-21 CRISIL A1+ --
      --   -- 13-10-23 CRISIL A1+ 29-07-22 CRISIL A1+ 08-02-21 CRISIL A1+ --
      --   -- 04-10-23 CRISIL A1+ 06-05-22 CRISIL A1+   -- --
      --   -- 26-04-23 CRISIL A1+ 18-04-22 CRISIL A1+   -- --
      --   -- 28-03-23 CRISIL A1+ 25-02-22 CRISIL A1+   -- --
      --   --   -- 25-01-22 CRISIL A1+   -- --
Non Convertible Debentures LT 9644.0 CRISIL AA-/Watch Developing 19-01-24 CRISIL AA-/Watch Developing 26-12-23 CRISIL AA-/Watch Developing 30-12-22 CRISIL AA/Stable 25-11-21 CRISIL AA-/Positive Withdrawn
      --   -- 12-12-23 CRISIL AA-/Watch Developing 30-09-22 CRISIL AA/Stable 27-10-21 CRISIL AA-/Positive --
      --   -- 17-11-23 CRISIL AA-/Watch Developing 12-08-22 CRISIL AA/Stable 03-05-21 CRISIL AA-/Stable --
      --   -- 13-10-23 CRISIL AA/Watch Negative 29-07-22 CRISIL AA/Stable 08-02-21 CRISIL AA-/Stable --
      --   -- 04-10-23 CRISIL AA/Watch Negative 06-05-22 CRISIL AA/Stable   -- --
      --   -- 26-04-23 CRISIL AA/Negative 18-04-22 CRISIL AA/Stable   -- --
      --   -- 28-03-23 CRISIL AA/Negative 25-02-22 CRISIL AA/Stable   -- --
      --   --   -- 25-01-22 CRISIL AA-/Positive   -- --
All amounts are in Rs.Cr.
 
 
Annexure - Details of Bank Lenders & Facilities
Facility Amount (Rs.Crore) Name of Lender Rating
Fund-Based Facilities 200 Kotak Mahindra Bank Limited CRISIL AA-/Watch Developing
Fund-Based Facilities& 100 IndusInd Bank Limited CRISIL AA-/Watch Developing
Fund-Based Facilities& 5 Standard Chartered Bank Limited CRISIL AA-/Watch Developing
Fund-Based Facilities& 600 ICICI Bank Limited CRISIL AA-/Watch Developing
Fund-Based Facilities& 95 HDFC Bank Limited CRISIL AA-/Watch Developing
Fund-Based Facilities& 600 Deutsche Bank CRISIL AA-/Watch Developing
Fund-Based Facilities& 400 Axis Bank Limited CRISIL AA-/Watch Developing
Fund-Based Facilities& 200 IDBI Bank Limited CRISIL AA-/Watch Developing
Fund-Based Facilities& 2000 Bank of Baroda CRISIL AA-/Watch Developing
Fund-Based Facilities 340 Barclays Bank Plc. CRISIL AA-/Watch Developing
Fund-Based Facilities& 200 YES Bank Limited CRISIL AA-/Watch Developing
Fund-Based Facilities> 250 Citibank N. A. CRISIL AA-/Watch Developing
Fund-Based Facilities& 250 Emirates NBD Bank PJSC CRISIL AA-/Watch Developing
Fund-Based Facilities& 1000 State Bank of India CRISIL AA-/Watch Developing
Non-Fund Based Limit% 475 IDFC FIRST Bank Limited CRISIL A1+/Watch Developing
Non-Fund Based Limit% 7500 State Bank of India CRISIL A1+/Watch Developing
Non-Fund Based Limit% 4405 HDFC Bank Limited CRISIL A1+/Watch Developing
Non-Fund Based Limit% 800 Axis Bank Limited CRISIL A1+/Watch Developing
Non-Fund Based Limit 820 MUFG Bank Limited CRISIL A1+/Watch Developing
Non-Fund Based Limit% 300 IndusInd Bank Limited CRISIL A1+/Watch Developing
Non-Fund Based Limit% 1230 YES Bank Limited CRISIL A1+/Watch Developing
Non-Fund Based Limit% 1150 IDBI Bank Limited CRISIL A1+/Watch Developing
Non-Fund Based Limit% 350 DBS Bank Limited CRISIL A1+/Watch Developing
Non-Fund Based Limit% 3780 ICICI Bank Limited CRISIL A1+/Watch Developing
Non-Fund Based Limit^^ 500 IndusInd Bank Limited CRISIL AA-/Watch Developing
Proposed Long Term Bank Loan Facility 2682 Not Applicable CRISIL AA-/Watch Developing
Term Loan 176 Bajaj Finance Limited CRISIL AA-/Watch Developing
Term Loan 443 Axis Bank Limited CRISIL AA-/Watch Developing
Term Loan 910 Canara Bank CRISIL AA-/Watch Developing
Term Loan 126 Bandhan Bank Limited CRISIL AA-/Watch Developing
Term Loan 414 Indian Overseas Bank CRISIL AA-/Watch Developing
Term Loan 1000 Axis Bank Limited CRISIL AA-/Watch Developing
Term Loan 67 Axis Bank Limited CRISIL AA-/Watch Developing
Term Loan 425 YES Bank Limited CRISIL AA-/Watch Developing
Term Loan 1166 Indian Bank CRISIL AA-/Watch Developing
Term Loan 7249 Union Bank of India CRISIL AA-/Watch Developing
Term Loan 3901 Bank of Baroda CRISIL AA-/Watch Developing
Term Loan 238 IDBI Bank Limited CRISIL AA-/Watch Developing
Term Loan 1000 UCO Bank CRISIL AA-/Watch Developing
Term Loan 300 IndusInd Bank Limited CRISIL AA-/Watch Developing
Term Loan 940 Punjab National Bank CRISIL AA-/Watch Developing
Term Loan 189 IDFC FIRST Bank Limited CRISIL AA-/Watch Developing
Term Loan 348 ICICI Bank Limited CRISIL AA-/Watch Developing
Term Loan 1945 Indian Bank CRISIL AA-/Watch Developing
Term Loan 708 State Bank of India CRISIL AA-/Watch Developing
Term Loan 41 CSB Bank Limited CRISIL AA-/Watch Developing
Term Loan 210 UCO Bank CRISIL AA-/Watch Developing
Term Loan 743 Bank of Maharashtra CRISIL AA-/Watch Developing
Term Loan 1157 Bank of Baroda CRISIL AA-/Watch Developing
Term Loan 820 Canara Bank CRISIL AA-/Watch Developing
Term Loan 440 Bank of Maharashtra CRISIL AA-/Watch Developing
Term Loan 350 Citibank N. A. CRISIL AA-/Watch Developing
Term Loan 143.5 Kotak Mahindra Bank Limited CRISIL AA-/Watch Developing
Term Loan 490 Axis Bank Limited CRISIL AA-/Watch Developing
Term Loan 54 United Bank Limited CRISIL AA-/Watch Developing
Term Loan 38 The Karur Vysya Bank Limited CRISIL AA-/Watch Developing
& - Fund based Limits are completely interchangeable with Non Fund based Limits
> - Interchangeable between Fund Based (all categories’, including Intra-day overdraft) and Non Fund Based”
% - Non-fund-based limit of Rs 2000 crore is interchangeable with fund-based limit
^^ - Capex LC limit, interchangeable with operational Non Fund based Limits
Criteria Details
Links to related criteria
CRISILs Approach to Financial Ratios
Rating criteria for manufaturing and service sector companies
CRISILs Bank Loan Ratings - process, scale and default recognition
Rating Criteria for Mining Industry
CRISILs Criteria for rating short term debt
CRISILs Criteria for Consolidation

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