ICCL production up 23 pc in April-Aug
Sep 28, 2003
The New Indian Express

Indian Charge Chrome Ltd. an IMFA Group company and the country's largest producer of ferro alloys, has posted a turnaround riding on the back of a debt restructuring proposal from term lenders led by IDBI.

Addressing the Annual General Meeting of the company here on Friday, ICCL Chairman and Managing Director, Bansidhar Panda said the company clocked a record turnover of Rs 180.70 crore last year, alongside increasing the production of ferro chrome to 65,459 tonnes and power generation to a record 842.81 million units.

He pointed out that with ferro chrome production in the last five months (32,000 tonnes) recording a 23 per cent rise over the comparable period last year, ICCL was well set on a path of recovery. The company made a cumulative repayment of Rs 75 crore to the term lenders by September this year.

ICCL Joint Managing Director, Subhrakant Panda said although the company effected an operational turnaround after allotment of captive chrome ore mines in 1999, approval of the debt restructuring proposal by FIs meant that it could leave its troubled past behind.

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