Corporate News     05-Apr-16
Kiri Industries updates on its debt reduction initiatives
Reduces aggregate debt by 51.87% in FY 2015-16
Kiri Industries has executed agreements for settlement of all its debt by end of the financial year 31 March 2016. This has resulted in significant reduction of borrowing of the company by the end of financial year 2015-16 and the total borrowings of the Company have been reduced from Rs 853.13 crore to Rs 410.62 crore, which is about 51.87% reduction compared to the previous financial year. The initial instalments under the agreements are also paid before the end of the financial year 2015-16.

Further, as per Settlement Agreements executed, the Company is committed to settle and repay majority of the balance debt during the current financial year 2016-17.

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