 "patanjali")
Indian credit ratings company has cut Patanjali Ayurved Ltd. 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 Ltd. downgraded Patanjali’s long-term bank facilities to A- from A+, according to a statement on Friday. Care and Brickwork Ratings cut the company’s outlook to negative from stable.
Patanjali Consortium Adhigrahan Pvt.— a venture by Patanjali Ayurved and three other companies controlled by yoga guru Baba Ramdev — is taking over Ruchi Soya Industries Ltd. for Rs 43.5 billion ($614 million).
Care said the revision in
