Indo Rama gets Rs 307-cr loan from German Bank

摘要

Indo Rama Synthetics (I) Ltd (IRSL) announced that it had signed a long-term loan of Euro 54 million (Rs 307 crore). The loan was sanctioned by IKB Industrie-bank Aktiengesellschaft, Duesseldorf, Germany, through offshore financing. According to the release, IRSL also recently signed a loan agreement for Euro 20 million (Rs 114.46 crore) from DEG of Germany. The funds will be utilized to expand IRSL's capacities at Butiburi near Nagpur in Maharashtra. The work, which involves setting up of a new plant and will double the company's polyester staple fibre (PSF) and partially oriented yarn (POY) capacity from 3 lakh tonnes per annum to 6 lakh tpa, has already commenced.