ICRA assigns “BBB+” rating for Innoventive Industries’ term loan and cash credit facilities

ICRA has assigned BBB+ long term rating on term loan and cash credit facilities of the Innoventive Industries. The outlook on long term rating is stable. The credit rating agency has also assigned A2+ short term rating on fund and non-fund based facilities of the company.

Innoventive Industries is a multi-product engineering company which manufactures precision steel tubes, membrane panel strips, auto components, oil well drilling couplings, pup joints and other steel products catering to applications in diverse sectors such as transportation, oil and gas, boilers, heat exchangers, energy, farm equipment and general engineering.