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India Cements gets funds from ICICI Bank, Axis

Monday, 30 Jul 2012
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India Cements has received financial assistance from ICICI Bank and Axis Bank.

The company has received $60 million (approx Rs 342 crore) in the form of external commercial borrowing from ICICI Bank for the purpose of setting up a thermal power plant with a capacity of 50 MW and upgradation of Chilamkur cement plant in Andhra Pradesh. Also, from Axix Bank, it has availed of Rs 300 crore term loan for the purpose of prepayment of existing high cost debt and retirement of FCCBs.
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