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CRISIL Ratings has placed Nelco's Long Term (CRISIL A) and Short Term (CRISIL A1) bank facilities on 'Watch Developing', revising the outlook from 'Stable'. This stems from Nelco's ~Rs 191 Cr debt-funded investment in Lunar Holdco. CRISIL is evaluating the transaction's impact on Nelco's business and financial risk profile.