Sakthi Sugars has agreed for one-time settlement (OTS) with one of the lenders, viz. Bank of India. The Company had discussions with Bank of India for re-schedulement / elongation of repayment of the loans and it has culminated into OTS with the Bank.
As against the amount outstanding of Rs 233.78 crore as at March 31, 2019, the Company has to settle at Rs 150.43 crore on or before March 30, 2020. The down payment of Rs 15.04 crore at 10% has been adjusted against the payment already made by the Company. Simple interest at 10.45% will be charged from July 17, 2019 on reducing balance basis.
Sakthi Sugars is one of the largest producers of sugar in India.