ICCL shines in repaying lenders
Oct 03, 2002
The Statesman

The Indian Charge Chrome Ltd is trying hard to push its financial restructuring package through an impressive performance in terms of repayment to its term lenders with the hope that its proposals pending with financial institutions will be approved.

Dr Bansidhar Panda, Chairman & Managing Director of Indian Charge Chrome Ltd, told shareholders at the Annual General Body meeting held here recently that repayments made to its term lenders has crossed Rs 50 crore.

He said this represents repayments since January 2000 when the captive chrome ore mines became operational, and was in addition to the nearly Rs 45 crore paid earlier.

Dr Panda admitted that the production of charge chrome and generation of electricity in 2001-02 was lower than in the previous year. While charge chrome output was lower due to the relining of the charge chrome plant undertaken during the year, which entailed a shut-down of 41 days, generation at the captive power plant was curtailed due to lower internal requirement.

However, both the charge chrome plant and captive power plant are set to exceed previous record outputs during the current year (2002-03), he stated. For the six months ending 30 September, charge chrome production has crossed 30,000 mt (representing 96% capacity utilisation) while electricity generation is about 417 mu (representing 99% plant load factor).

Expressing satisfaction over the overall performance of the company, Mr Subhrakant Panda, Joint Managing Director, said: "We are making regular payments to financial institutions and banks by leveraging our unique position as the fully integrated producer of charge chrome in India. Thus we generate positive cash flows even in the most difficult circumstances."

"We hope a financial restructuring package will be finalised soon leading to a turn around in the fortunes of the company," he added.

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