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


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.)

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