Ortel Communications' largest lender - Srei Equipment Finance, has agreed to extend a prompt payment rebate (PPR) of 1% on the company’s borrowings with effect from October 01, 2015. This along with the earlier rebate of 0.75% brings down the effective interest rate to 14.25%.
This will strengthen the company’s balance sheet and lead to notable savings in interest costs. In addition, the company is actively working towards further reduction in overall interest costs.
Ortel Communications is a regional cable television and high speed broadband services provider, mainly engaged in the distribution of analog and digital cable television services, high speed broadband services & Voice over Internet Protocol (VoIP) services. Company has well presence in the Indian states of Odisha, Chhattisgarh, Andhra Pradesh and West Bengal.
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