Icra upgrades financial ratings of Tata Consumer Products to 'AAA'

ICRA has upgraded the rating for long-term financial instruments of Tata Consumer Products worth Rs 350 crore to AAA with a stable outlook from AA-plus.

At the same time, it reaffirmed the rating for short-term instruments worth Rs 715 crore at A1-plus.

ICRA also upgraded the company's fund-based working capital facilities at AAA with a stable outlook from AA-plus earlier.

Besides, it reaffirmed the non-fund based facility at A1-plus.

Tata Consumer Products -- earlier known as Tata Global Beverages Ltd -- has a consolidated revenue of Rs 10,000 crore and employs over 2,200 people in its branded business. The portfolio of products includes tea, coffee, water, salt, pulses, spices and packaged food offerings.

It is the second-largest branded tea company in the world with key beverage brands like Tata Tea, Tetley, Eight O'Clock Coffee, Tata Coffee Grand and Himalayan Natural Mineral Water.

The company's foods portfolio includes brands such as Tata Salt and Tata Sampann.