Bangalore headquartered rose exporter Karuturi Global is in the final stages of talks with a group of banks to raise a debt of around Rs 800 crore in the next one month.
The money will primarily be used to expand its agriculture operations in Ethiopia and Kenya which have a projected investment of around Rs 1,500 crore. The company is in discussions with Axis Bank and Bank of Baroda to lead the consortium. Other banks in the consortium may include State Bank of India, Exim Bank, Indian Overseas Bank among others.
Ramesh K, group chief financial officer of Karuturi Global told Business Standard that the due diligence process by banks is on. The fresh debt will come close on the heels of Karuturi raising around Rs 175 crore through an issue of GDR and PE investment from IL&FS Investment Managers.
