Raymond Limited has informed that the credit ratings assigned to various credit facilities of its subsidiary, Maini Precision Products Limited (MPPL), have been withdrawn by ICRA Limited. This withdrawal follows the amalgamation of MPPL with JK Maini Precision Technology Limited under a composite scheme of arrangement.

The total rated amount for MPPL's facilities stood at ₹315.00 crore. This included ₹44.50 crore for Long term – Fund based - Term Loan, ₹241.00 crore for Long term / Short term – Fund based/non -fund -based – Working capital – Others, and ₹29.50 crore for Long term / Short term – Unallocated Limits. ICRA withdrew these ratings in line with its policy on withdrawal of credit ratings.

MPPL, incorporated in 1973, is a precision machining company supplying components to the automotive and aerospace industries. The Raymond Group acquired a majority stake of 59.25% in MPPL in March 2024. For FY2025, MPPL reported operating income of ₹984.1 crore and Profit After Tax (PAT) of ₹42.8 crore.