Facor Alloys enters into OTS with Bank of India

24 Jun 2019

Facor Alloys has entered into one time settlement (OTS) with Bank of India, Visakhapatnam for settling its total outstanding dues of Rs 27.05 crore as on March 31, 2019, towards devolvement of the Standby Letter of Credit (SBLC) issued as a collateral security in favour of Bank of India, Jersey for borrowings of $10 million made by Facor Minerals (Netherlands) B.V., Netherlands, a step down first level subsidiary.

Facor Alloys engages in ferro alloys business. The company produces high carbon ferro chrome. The group's principal activity is the manufacture and selling of ferro chrome and their products are used as one of the raw materials in the production of stainless steel. 

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2.68 0.12 (4.69%) Apr 09, 18:01
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