Ind-Ra assigns AA- rating to FIL’s NCD

India Ratings & Research (Ind-Ra) has assigned AA- rating to Finolex Industries’ (FIL) 10.9% non-convertible debenture (NCD) worth Rs 100 crore.

The ratings reflect FIL’s leadership position and established track record in India’s PVC (poly vinyl chloride) pipes & fittings and PVC resins industries. The company accounts for a 20% market share by capacity in the PVC resins industry. Finolex is the largest player in the fragmented and competitive PVC pipes and fittings market in India, with an overall share of around 22%. In addition, its established brand equity and large dealer network have enabled it to capture a significant share of the growing retail PVC pipe market.