TVS Srichakra has executed a loan agreement for extending loan for an amount of $5 million to Super Grip Corporation, USA (previously known as SG Acquisition Corporation), wholly owned subsidiary of the company.
Rate of interest is 6% per annum. The tenure of the loan is 3 years from the date of disbursement of the loan. The loan is repayable on demand. The Borrower may prepay all or any part of the loan along with interest at any time during the term of the loan without any penalty/premium, subject to giving 15 days prior written notice to Lender. The Borrower shall use the proceeds exclusively for its business and operational purposes.
TVS Srichakra is one of India's leading two- and three -wheeler tyre manufacturer. The company is recognised as a large manufacturer of industrial pneumatic tyres, flotation, motorgrader, farm & implement tyres, skid steer tyres, multipurpose tyres and vintage tyres.
