Mumbai, June 26 -- The agency has also affirmed the company's short-term rating at 'CARE A1+'.

CARE Ratings stated that the ratings continue to reflect the company's strong parentage of UltraTech Cement and ICL's strategic importance to UltraTech. Being part of the group, ICL is expected to benefit from the operational synergies flowing through from its parent to ICL in the medium term.

The company has installed cement capacities of 14.75 metric tonne per annum (MTPA) with 13.25 MTPA in South India, having an established market position in South India. This is critical to UltraTech, which has significantly increased its presence in South India by acquiring ICL. The company completed 100% migration of legacy India Cements brands to the U...