The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
Bloomberg
An Indian credit ratings company cut Patanjali Ayurved by two levels, citing a likely weakening of its financial position as it partly funds a merger with a maker of soya products.
Care Ratings downgraded Patanjali’s long-term bank facilities to A- from A+, according to a statement. Care and Brickwork Ratings cut the company’s outlook to negative from stable.
Patanjali Consortium Adhigrahan — a venture by Patanjali Ayurved — is taking over Ruchi Soya Industries for $614 million.