It is interesting to remember that relationship with Indian Bank has started with car loan to promoter and later Bank comes out with corporate loan to our company. The effective compliance of terms of Bank sanction, timely servicing of interest & principal amount helps company to get term loan support for setting up of 1250 TCD vacuum pan technology plant in place of earlier Khandasari unit. Subsequently, Bank continues its financial support for expansion of crushing capacity from 1250 TCD to existing 4000 TCD plant.
Indian Bank has also financed 45 K L P D Distillery & 25 MW Co-Generation plants of our Company along with term loan of Working Capital limits for meeting day to day financial obligations. On our request, Shri. M.S. Sundar Rajan, Hon. Chairman & Managing Director of the Bank has decorated Chief Guest position on company’s Distillery inauguration function & inaugurated Indian Bank branch at factory site. Since our inception Bank has supported & developed financial relationship by sanctioning loans from time to time. Further, Bank is acting as Lead Banker to Bank of India & Corporation Bank for Consortium finance arrangement which was availed for expansion of Sugar unit from 4000 TCD to 7500 TCD and Co-Gen unit up to 31MW. Further Indian bank extended financial support for expansion of sugar unit from 7500 TCD to 10,000 TCD along with SDF loan. We express our gratitude to Indian Bank for their continuous support & expect the same for upcoming days.
Initially for two to three years Bank of India has financed Company’s short-term fund requirement towards Basel Dose activity to increase the registered cane area of the Company. With this finance, Company has financed farmers in the form of fertilizer & seeds and registered sugar cane area which helps Company to utilize its Crushing capacity in full.
Recently, considering our business growth & relationship, Bank has come out with term loan towards expansion of existing crushing capacity from 4000 TCD to 7500 TCD and up to 31 MW Co-Gen unit.
Management of Company is very happy & expresses their acknowledgment to Bank of India for acting as a Banker of the Company.
Actually, Indian Bank considering its exposure to single unit (Company) has suggested to have consortium partners for future expansion projects of the Company. We found convenient that Corporation Bank should be our consortium partner because of our relationship with Bank for day to day transactions through our company account at Gokak Branch.
The financial support of Bank starts with term loan to our electronic media division which is setting up at Bangalore. Subsequently, Bank has sanctioned term loan towards expansion of crushing capacity & power generation capacity under consortium scheme with Indian Bank and Corporation Bank.
IREDA is a Public Limited Government Company under the administrative control of Ministry of New and Renewable Energy (MNRE) to promote, develop & extend financial assistance for renewable energy.
Recently, IREDA has refinanced of existing loan borrowed for setting up of 31 MW Co-generation unit from Indian Bank, Bank of India & Corporation Bank at competitive rate of interest at competitive rate of interest.
Finally, Company is happy with relationship of all the Bankers and financial institutions.