Better days ahead for ICCL
Sep 27, 2003
The Statesman

Dr Bansidhar Panda, CMD of Indian Charge Chrome Ltd and head of the IMFA Group of industries today claimed that the "beginning of the turnaround of the company's fortunes" had been made and the IDBI had earlier during the year sanctioned the much awaited debt restructuring proposal.

Addressing the 20th Annual General Meeting of Indian Charge Chrome Ltd. here today, 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 per cent 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 crore. He appreciated the support and forbearance of all the stakeholders during the tough period through which the Company had passed. The ICCL has been in deep trouble with its loan liabilities mounting. The company had been lamenting that delay in grant of chrome ore mining lease had adversely affected it. It was pleading with IDBI to sanction its debt-restructuring proposal since long.

Mr Subhrakant Panda, Joint Managing Director told the AGM that "though 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 meant 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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