Financial Daily from THE HINDU group of publications
Friday, Apr 02, 2004
Financial Daily from THE HINDU group of publications Friday, Apr 02, 2004 |
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Money & Banking
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Financial Institutions IDBI cuts interest on loans to Suryalata Mills Our Bureau
Hyderabad , April 1 THE Industrial Development Bank of India (IDBI) has reduced the rate of interest from the existing 13.5 per cent to 9 per cent on term loans taken by Suryalata Spinning Mills Ltd under the new textile policy. The reduced interest rate will be applicable for all the term loans obtained from IDBI with effect from April 1.The company's Financial Controller, Mr Sivananda, told Business Line that Suryalata's outstanding term loans at present were to the tune of Rs 15 crore. The company's interest burden would decrease by about Rs 70 lakhs per annum on account of the reduction in the interest rate. The company suffered a fire accident last month in which machines and stocks in one of the departments were damaged. New equipment was installed and production levels restored to normal. It was now in the process of claiming the insurance to the extent of loss incurred due to fire accident. The loss was yet to be estimated.
More Stories on : Financial Institutions | Interest Rates | Textiles | Andhra Pradesh
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