Banks relied on India Ratings' A- outlook to lend to this Nirav Modi firm

This, despite Firestar International suffering from a high-leverage, off-balance-sheet exposure


Dev Chatterjee Mumbai
Fitch-owned India Ratings (Ind-Ra) gave an Ind A- outlook to Nirav Modi’s flagship company, Firestar International Private Limited (FIPL), even though the firm was suffering from a high-leverage, off-balance-sheet exposure. Indian banks, including Punjab National Bank (PNB), relied on this rating to lend huge sums to the company.

First Published: Feb 17 2018 | 11:30 PM IST

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