Team News Riveting
Mumbai, July 6
Godawari Power and Ispat Limited (GPIL), a flagship arm of Chhattisgarh-based Hira Group of Industries, said that it had fully repaid its long-term debt.
The Company’s Standalone Long-Term outstanding debt of Rs 1369 crore standing as on 31.03.2017 which was scheduled to be repaid by FY 2032, was brought down to Rs 457 Crores as on 31.03.2021 by substantial repayment of debt during last financial year from internal accruals, with improvement in financial performance of the Company, GPIL said in a regulatory filing.
“The balance outstanding debt of Rs 457 crore has been fully repaid by the Company during the current year out of internal accruals,” the company said.
On a consolidated basis the Long-Term outstanding debt is Rs 340 crore, as on date, which is exclusively relating to the Solar Power Project in Godawari Green Energy Limited, which continues to be repaid out of cash flow of the solar project. As on the date the installments of solar power project term loan are repaid up-to 31-10-2022.
The company, having a dominant presence in the long product segment of the Steel industry mainly into mild steel wire, had recently received approval for consent to set up manufacturing facilities in other divisions. It would also enhance its iron ore pellet plant output.
