Thiru Arooran Sugars gets Rs 232cr advance for exporting sugar

Thiru Arooran Sugars has received an advance of Rs 232 crore against export of sugar over the next eight years.
The advance received has been primarily used for repayment of the credit facilities availed by the company from various banks, the company said in a regulatory filing today.
The advance carries interest as per extant RBI Guidelines and is expected to reduce the financing costs of the company, it added.
"The company has received USD 35.35 million (Rs 232 crore) as advance against export of sugar over the next eight years," the filing said.
Besides sugar plants, the company also has one subsidiary Terra Energy Limited which has two cogeneration power plants.

Shares of the company were today trading at Rs 45.20 apiece, up 0.67 per cent on BSE in the afternoon trade.