Fitch affirms Ballarpur Industries

Fitch Ratings said it affirmed Ballarpur Industries Ltd.'s national long-term issuer rating and rating of its Rs.1 billion non-convertible debenture program at AA-(ind), along with the F1+(ind) rating on its Rs.1 billion commercial paper program and Rs.500 million short-term debt program.

The affirmations follow the company's announcement of a reorganization plan under which its units at Bhigwan, Ballarpur and Kamlapuram are proposed to be transferred to its wholly owned subsidiary, BILT Graphic Paper Products Ltd. for a consideration of Rs.19.5 billion.

The ratings are based on a consolidated view of the company's business and financials, Fitch said.

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