Fitch affirms Aditya Birla Nuvo

Fitch Ratings said it affirmed Aditya Birla Nuvo Ltd.'s F1+(ind) rating of its Rs.500 million commercial paper program.

The rating considers the company's diversified presence in chemicals, textiles, insulators and fertilizers, its significant investments in the fast-growing telecom and financial services segments, its proven ability to generate strong cash flows from its stable businesses and the strong brand image enjoyed by the Aditya Birla promoter group, Fitch said.

The agency said it consider the company on a standalone basis and excluded its highly-regulated and non-synergistic businesses like insurance, asset management and telecom. Fitch said it has however, factored in its proposed investments in the financial services and telecom businesses.

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