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Incorporated in 1979, Fineotex Chemicals Ltd is engaged in the business of manufacturing auxiliaries and specialty chemicals for textiles, construction, water treatment, fertilizer, leather, and paint industries
Fineotex Chemical's wholly-owned subsidiary, Fineotex Biotex HealthGuard FZE, has incorporated a new 100% step-down subsidiary, Fineotex Holdings Inc., in the USA. This entity will pursue specialty chemical business activities and strategic growth opportunities.
Fineotex's long-term credit outlook improved to [ICRA]AA- (Stable) due to a key US acquisition, boosting scale and diversifying into North American oilfield chemicals. This move strengthens its financial profile, marked by negligible debt and robust liquidity of Rs. 363 Cr cash.
ICRA has upgraded Fineotex Chemical's Long-Term rating to [ICRA]AA- (Stable) from [ICRA]A+ (Positive) for its bank facilities and unallocated limits. The Short-Term rating of [ICRA]A1+ was reaffirmed. This upgrade is driven by a stronger scale, enhanced diversification, and robust financial risk profile, stemming from a recent strategic US acquisition.