Bilt Readies Debt Plan
Seeks $15mn line of credit from IFC
Ballarpur Industries Ltd. (Bilt), the L M Thapar flagship company, has firmed up a major project update-cum-capacity expansion plan along with a debt restructuring exercise.
The company will shell out $159.7mn for the proposed update and has sought a credit line to the tune of $15mn from the International Finance Corporation (IFC), Washington. The proposed project covers $14.4mn environmental upgradation plan, $15mn to improve product quality, capacity enhancement at a cost of $15.7mn, $6.2mn to enhance captive farm forestry, $8mn towards working capital requirements and $5.7mn for regular operations.
A large portion of the $159.7mn would be used to restructure the $94.7mn outstanding foreign and domestic debt of the company. IFC has made the debt refinancing as a precondition to extend the credit line to Bilt.
