Premier has received compensation of Rs 83.51 crore (net) from DFCC (a subsidiary of the Indian Railways) for compulsorily acquiring a part of the company's land. Of this, Rs 62.5 crore has been utilized to repay term debt, all public fixed deposits and other high cost debts. The balance has been used in operations of the company.
Premier is engaged in the manufacture of automobiles and machine tools. The company has manufactured the widest range of commercial vehicles, which includes Premier Padmini -- one of the popular cars in India.
