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 Corporate - Overseas Borrowings


Phoenix Lamps takes $ loan to replace Re loans

Our Bureau

Mumbai , Feb. 25

PHOENIX Lamps Ltd has announced that it is has gone in for a low-cost foreign currency dollar loan to replace its high cost rupee term loans.

The company is currently availing a rupee term loan of Rs 30.17 crore from IDBI with an interest rate of 12.5 per cent per annum.

The company has already taken a foreign currency term loan and pre-paid rupee term loan of Rs 9.13 crore to IDBI. The company is also in the process of prepaying the balance rupee loan of Rs 21.04 crore to IDBI.

The entire process will result in a saving of Rs 2.5 crore a year for the company.

The company is a manufacturer and exporter of halogen automotive lamps and compact fluorescent lamps.

More Stories on : Overseas Borrowings | Electrical Goods

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