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Thirumalai Chemicals Ltd is a part of the Thirumalai Group, which has business interests in chemicals, surfactants, pigments and education. The Company’s principal activities are manufacturing and selling chemicals such as PAN, DEP etc.
ICRA has downgraded Thirumalai Chemicals' long-term rating to [ICRA]BBB (Negative) and short-term to [ICRA]A3+. The downgrade reflects a significant increase in its US project cost to $340 million (from $255 million) and delayed full completion to December 2026. This escalation in cost and timeline is expected to increase debt and...