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Hyderabad, Aug. 6

Following a financial turnaround, Pennar Industries Ltd has come out of the folds of Board for Industrial and Financial Restructuring (BIFR), New Delhi and Corporate Debt Restructuring Cell (CDR), Mumbai.

The BIFR has informed that the company has been de-registered from the purview of the Sick Industrial Companies (Special Provisions) Act, 1985 as its net worth turned positive in 2005-06.

The Chairman of Pennar Industries, Mr Nrupender Rao, told Business Line that this was a significant achievement for the company, which had come under the purview of the BIFR a few years ago after its net worth turned negative.

In July 2006, following financial restructuring, the company secured Rs 122-crore investment from Eight Capital of New York and Spinnaker Capital of the UK.

Of this, Rs 107 crore was used up to retire old loans and the rest was pumped into new projects.

Going by the company's performance, it is poised to achieve revenues of Rs 560 crore in the current fiscal.

The company has undertaken construction of a new plant at Chennai, which is getting ready for production later this year.

More Stories on : Sick Units | Automobile Components

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