 "Grasim Industries receives Rs 5,000 cr three term loan from Axis Bank")
Grasim Industries, the flagship company of the Aditya Birla Group, on Tuesday announced entering into three term loan agreements totalling Rs 5,000 crore to finance capital expenditure and repayment of existing loans.
It has executed agreements for a secured loan of Rs 4,850 crore and two unsecured loans of Rs 70 crore and Rs 80 crore, Grasim Industries said in an exchange filing.
"The company has entered into three Term Loan Agreements on April 3, 2023, to avail the Rupee Term Loan facility aggregating to Rs 5,000 crore from Axis Bank Limited in terms of the approval by the Finance Committee of the Company," it said.
The rupee term loans "are of 10 years tenor", it added.
It will utilise Rs 4,850 crore loan for capital expenditure, reimbursement of capital expenditure already incurred in the last 12 months or re-payment of existing borrowings.
While the other two unsecured term loans worth Rs 150 crore "shall be utilised for capital expenditure of identified projects," it added.
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Grasim is a diversified player with a presence across sectors. It is a leading global producer of VSF, the largest Chlor-Alkali, Linen and Insulators player in India.
Through its subsidiaries, UltraTech Cement and Aditya Birla Capital, it is also India's largest cement producer and a leading diversified financial services player.
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