Corporate News 16-Mar-22
Board of Zomato approves grant of loan up to USD 150 mn to Grofers India
At meeting held on 15 March 2022
The Board of Zomato at its meeting held on 15 March 2022 has approved the grant of loan up to INR equivalent of US$150 million to Grofers India (GIPL) in one or more tranches and delegated the authority to the senior management of the Company to decide the key terms of the loan and execute the definitive documents at a future date. The interest rate for the loan will be 12% p.a. or higher with a tenor of not more than 1 year. This loan will support the capital requirements of GIPL in the near term and is in line with the company's stated intent of investing up to $400 million cash in quick commerce in India over the next 2 years.
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