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Tilaknagar Industries, a leading alcoholic beverages manufacturer, paid ₹95 crore to Bank of India as one-time settlement against the outstanding debt of ₹265 crore.
Tilaknagar Industries, maker of the famous Mansion House brandy, has settled its dues as per the terms of settlement contained in BoI’s sanction letter issued in March 2018.
The company has received ‘no due certificate’ from the bank on payment of the full compromise amount as per the terms of the one-time settlement.
In January, as part of debt restructuring, the company had settled an outstanding loan of ₹44 crore with IDBI Bank by opting for an OTS under the IDBI Rinn Mukti Yojna 2019-20 Scheme. Similarly, the company had settled its ₹287-crore dues with State Bank of India on payment of ₹102 crore last November.
Started in 1933 by Mahadev L Dahanukar as Maharashtra Sugar Mills, the company was initially engaged in the manufacture of sugar and allied products. Later, it was rechristened Tilaknagar Industries. It now has over 75 years of experience in the consumer goods category. Led by Amit Dahanukar, the company has built a strong and diverse portfolio of brands in various liquor categories including brandy, whisky, vodka, gin and rum.
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