Godavari Power and Ispat release and repay all long-term loans

0
11


Godawari Power and Ispat Ltd (GPIL) on Tuesday said they were out of debt by repaying all of their long-term loans.

The company said it paid the unpaid Rs 457

“The company has been freed from debt by repaying all of its long-term loans to date,” the GPIL said in a statement.

The company has stated that it alone has long-term outstanding Rs 1,369 crores as at 31 March 2017 due to be repaid by FY2032 was reduced to Rs 457 crores as at 31 March 2021 due to substantial redemption during the last financial year due to internal charges with improved financial performance.

The outstanding balance of Rs 457 crore was fully repaid by the company this year through internal charges, the company added.

Godawari Power and Ispat have stated on a consolidated basis that the long-term outstanding debt to date is Rs 340 crore, which is solely due to the solar project at Godawari Green Energy Ltd.

The company said the loan continues to be paid off with the solar project’s cash flow.

As of today, the installment plan of the urgent loan for the solar energy project is repaid until October 31, 2022, he added.

(Only the title and image of this report may have been revised by Business Standard staff; the rest of the content is generated automatically from the syndicated feed.)

Dear reader,

Business Standard has always made every effort to provide up-to-date information and commentary on events that interest you and have broader political and economic implications for the country and the world. Your support and constant feedback on how to improve our offerings have only strengthened our determination and commitment to these ideals. Even during these challenging Covid-19 times, we continue to strive to keep you updated and updated with credible news, authoritative opinions and insightful commentary on topical issues.
However, we have a request.

As we tackle the economic fallout from the pandemic, we need your support even more so that we can continue to offer you better content. Our subscription model has generated an encouraging response from many of you who have subscribed to our online content. An additional subscription to our online content can only help us achieve our goals – to offer you even better and more relevant content. We believe in free, fair and trustworthy journalism. Your support in the form of additional subscriptions can help us practice the journalism we are committed to.

Support quality journalism and subscribe to Business Standard

Digital editor





Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here