Titan Company, a Tata group unit, plans to raise about Rs 900 crore through commercial paper, a short-term money market instrument. It has comfortable liquidity with healthy cash accruals of Rs 1,000 crore and financing through customer advances (deposits). Also, the Tata group company has healthy cash and liquid investment reserves of over Rs 900 crore as on March 31.
This excludes restricted cash and inter-corporate deposit investments. Rating agency ICRA has assigned an “A1+” to commercial paper. Its operations are working capital intensive.
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