ICCL firmly on the recovery path
Repayment crosses Rs 75 crores
Sep 26, 2003
Internal Press Release

Addressing the 20th Annual General Meeting of Indian Charge Chrome Ltd which was held at Bhubaneswar today, Dr Bansidhar Panda, Chairman & Managing Director, said : "… this meeting marks a historic occasion in that it heralds the beginning of the turnaround of the Company's fortunes". Term lenders led by the Industrial Development Bank of India (IDBI) had earlier in the year sanctioned the long awaited debt restructuring proposal of the Company.

Commenting on the operations of the company Dr Panda said that 2002-03 was by far the best year in ICCL's history with turnover (Rs 180.70 crores), ferro chrome production (65,459 tonnes) and electricity generation (842.81 million units) registering an all time high. He added that with ferro chrome production in the first 5 months of the present fiscal (approx 32,000 tonnes) registering a 23% increase over the corresponding period last year and prices steadily increasing the Company was poised to turn in a sterling performance which would put it firmly on the path to recovery.

Dr Panda also said that up to September 2003 cumulative repayment to term lenders had crossed Rs 75 crores. He appreciated the support and forbearance of all the stakeholders during the tough period through which the Company had passed.

Speaking on the occasion Mr Subhrakant Panda, Joint Managing Director, said : "Although an operational turnaround had been effected after the allotment of captive chrome ore mines in late 1999, the term lenders approving a debt restructuring proposal means that the Company can put its troubled past behind and build upon a strong foundation as the country's only fully integrated ferro chrome producer".

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