Finolex Industries Ltd Company Summary

Finolex Industries Ltd Summary

Finolex Industries Ltd (formerly Finolex Pipes Ltd) was incorporated in 28 March 1981. The Company offer a wide range of PVC pipes and fittings suitable for applications in agriculture, plumbing and sanitation. With state-of-the-art manufacturing facilities in Maharashtra and Gujarat, it has a pipes and fittings production capacity of 4,00,000 metric tons per annum and a PVC resin manufacturing capacity of 2,72,000 MT per annum. It has a widespread presence throughout the country, with a network of over 21,000 retail outlets ably supported by more than 900 dealers and sub-dealers. Presently, the Company is engaged in business of manufacturing PVC Pipes & Fittings and PVC Resin. The Company is Indias largest and only backward integrated PVC Pipes and Fittings manufacturer. It entered into a technical collaboration with UHDE, Germany, for licensing and technical know-how of Hoechsts process for manufacturing PVC resin and providing basic engineering. During the year 1999-2000, the company commissioned their new PVC extruded, rigid pipes plant at Ratnagiri in Maharashtra. Also, they commissioned an additional EDC cracker during the year. During the year 2001-02, they divested their two shares of Rs 10 each in Finolex Polymers Ltd. Consequently, Finolex Polymers Ltd ceased to be the subsidiary of the company.During the year 2003-04, the company signed License and Technical Service Agreement with Oxy Vinyl, USA. They signed Technical agreement with Aker Kvaerner Netherlands for Basic Engineering and Design Development for the VCM plant. Also, for Detailed Engineering Site Supervision, Procurement, Management etc for the PVC Plant, they signed with Udhe India Ltd.During the year 2005-06, the company signed a Letter of Intent with I M Skaugen ASA, Norway for carrying out a study for viability and cost effectiveness of the planned LNG Supply Chain intended to be set up in India. In February 2006, PVC expansion project commenced production of PVC resin.During the year 2006-07, the company expanded their PVC Pipes capacity from 65,000 MT to 85,000 MT. Also, they acquired 20 acres of land at Urse for setting up of a new plant for manufacturing of PVC Pipes. In May 2008, the new plant for manufacture of PVC pipes at Urse became operational and the installed capacity for manufacturing of PVC pipes reached 100000 MT per annum. During the financial year 2012-13, Finolex Industries commissioned a state-of-the-art PVC pipes manufacturing plant at Masar in Vadodara with an initial capacity of 30,000 tons per annum (tpa). During the year, the companys aggregate capacity of PVC pipes and fittings crossed 2 lakh tpa.During the financial year 2013-14, Finolex Industries increased capacity at its PVC pipes plant at Masar, Vadodara from 30,000 tpa to 50,000 tpa. During the year, the company started consuming captive power at its plant in Pune.On 6 November 2014, Finolex Industries announced that the company is planning to increase its capacity of PVC pipes and fittings plants by about 40% to 3.2 lakh tonnes through an additional capital expenditure of Rs 90 crore spread over three years.During the financial year 2015-16, Finolex Industries added 30,000 MT capacity of pipes and fittings spread across its three plants, taking total installed capacity to 2.8 lakh MTPA.During the financial year 2016-17, Finolex Industries tied-up with the American company Lubrizol Corporation, inventors and the largest manufacturers of the CPVC compound worldwide. The agreement is for supply of CPVC compound for the production and sale of Finolex FlowGuard Plus pipes and fittings in India, mainly catering to the building and construction industry. The tie-up will strengthen the companys track record of providing superior products for the domestic market.During the financial year 2017-18, 40,000 MT capacity was added to PVC pipes & fittings and with this addition, the total capacity of PVC pipes and fittings stands at 330,000 MTPA. The sales volume for PVC pipes & fittings was 252,036 MT for the financial year ended 31st March, 2018 as against 2,09,419 MT for the financial year ended 31st March, 2017. During the financial year 2018-19, 40,000 MT capacity was added to PVC pipes & fittings and with this addition, the total capacity of PVC pipes & fittings stands at 370,000 MTPA. The sales volume for PVC pipes & fittings was 262,858 MT for the financial year ended 31 March 2019 as against 252,036 MTPA for the financial year ended 31 March 2018.The company bagged the Brand Leadership award given to Finolex Industries at the Pune Best Brand Awards in Real Estate Sector by the Global Real Estate Congress in October 2018. Finolex Industries received the Indywood CSR Excellence Award for Best CSR practices in Speciality Healthcare in December 2018. The total capacity of PVC pipes & fittings stands at 3,70,000 MTPA. The sales volume for PVC pipes & fittings was 2,54,958.25 MT for the financial year ended 31 March 2020 as against 2,62,858 MT for the financial year ended 31 March 2019.The Companys factories which had to suspend operations temporarily from the 23 March 2020, due to Governments directives relating to the Novel Corona Virus causing Covid 19, have resumed operations in phased manner at different plants from 29 April 2020 onwards in accordance with the guidelines and norms prescribed by the Government authorities.During the period 2022-23, Company commenced commercial operations of PVC fittings at a new state-of-the-art manufacturing facility at Talegaon, Pune (Maharashtra) with effect from March 12, 2023.