Kiri Industries enters into settlement agreement with Punjab National Bank

Kiri Industries has entered into settlement agreement with Punjab National Bank for settlement of debts of the company. As per settlement terms total outstanding debt was Rs 156.85 crore and total settlement amount is Rs 86.50 crore out of which the company has paid Rs 21.25 crore upfront and balance Rs 65.25 crores payable in 12 equal monthly installments with simple interest at 10.00% p.a. Further if the company fails to pay two consecutive installments to the Punjab National Bank then entire settlement will stand cancelled and the company will be liable to pay entire outstanding debt of Rs 156.85 crore along with interest.

Kiri Industries (KIL) is one of the largest manufacturer and exporter of wide range of Dyes, Intermediates and Chemicals from India. KIL, a fully integrated Dyes and Chemicals company is a winner of several CHEMEXCIL and GDMA performance awards. KIL is a preferred resource centre for many of the most extensive product lines in textile dyes. Sophisticated quality control practices and procedures, modern manufacturing facilities and erp driven enterprise management has enabled KIL to offer Internationally recognized quality products and services.