CARE AAA, PR1+ rating to bank loans of Aditya Birla Nuvo
CARE has assigned ‘AAA’ rating to the long-term bank facilities of Aditya Birla Nuvo Ltd. and NCD of Rs 500 crore.
By ET Online |
MUMBAI: CARE has assigned ���AAA��� rating to the long-term bank facilities of Aditya Birla Nuvo Ltd. and NCD of Rs 500 crore.
CARE has also assigned ���PR1+��� rating to short-term bank facilities aggregating Rs 3,250 crore and NCD of Rs 500 crore of Nuvo.
The ratings derive strength from the well established promoter group, leading position in carbon black, viscose filament yarn (VFY), branded apparel, chlor-alkali and insulators businesses, strong brand image, growth in operations and business activities spanning diversified industries.
Equity infusion by promoters to support the funding requirements and the telecom joint venture being no longer financially dependent on Nuvo further add strength to the ratings.
The ratings also factor in Nuvo���s focus on new age businesses viz. life insurance, telecom, apparel retail and BPO.
Incorporated in 1956, as Indian Rayon & Industries Ltd., Nuvo has evolved from purely a manufacturing company to a well diversified business conglomerate.
Nuvo is a leading player in its key business segments, including VFY, carbon black, branded garments, fertilizers, textiles and insulators. Over the past three years, Nuvo through its subsidiaries and joint ventures, has made successful forays into life insurance, IT services, telecom, asset management, distribution and business process outsourcing (BPO), striking a balance between manufacturing, brands and services.
CARE has also assigned ���PR1+��� rating to short-term bank facilities aggregating Rs 3,250 crore and NCD of Rs 500 crore of Nuvo.
The ratings derive strength from the well established promoter group, leading position in carbon black, viscose filament yarn (VFY), branded apparel, chlor-alkali and insulators businesses, strong brand image, growth in operations and business activities spanning diversified industries.
Equity infusion by promoters to support the funding requirements and the telecom joint venture being no longer financially dependent on Nuvo further add strength to the ratings.
The ratings also factor in Nuvo���s focus on new age businesses viz. life insurance, telecom, apparel retail and BPO.
Incorporated in 1956, as Indian Rayon & Industries Ltd., Nuvo has evolved from purely a manufacturing company to a well diversified business conglomerate.
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Nuvo is a leading player in its key business segments, including VFY, carbon black, branded garments, fertilizers, textiles and insulators. Over the past three years, Nuvo through its subsidiaries and joint ventures, has made successful forays into life insurance, IT services, telecom, asset management, distribution and business process outsourcing (BPO), striking a balance between manufacturing, brands and services.
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