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Orient Craft Announces Debt-free Status, Eyes Jharkhand as Next Growth Destination | ||
New Delhi, Delhi, India Orient Craft Limited, India’s leading player in the garments manufacturing and exports industry, today announced it’s 100% debt-free status. It worked closely with a consortium of 11 banks, including the State Bank of India (SBI), United Bank of India (UBI), HDFC and Yes Bank to successfully monetize its marquee land and factory assets to pay-off a total debt of Rs. 850 crores. It completed the resolution of the ‘One Time Restructuring’ it underwent, post the Covid pandemic induced financial stress. Orient Craft’s efforts in voluntarily monetizing its non-mortgaged assets, and paying all dues in toto without seeking any hair-cut or waivers was lauded by members of the banking consortium.
Sudhir Dhingra, Founder, Chairman & MD
In 2024, the textile and garment industry in India contributes approximately 2.3% to the country’s GDP*. The Government of India has ambitious plans for the textile industry with an aspiration is to secure a larger share of the global textile market, targeting an increase in exports from $45 billion to $100 billion. Orient Craft understands the opportunity, this focus, brings to players in the industry, and is investing in modern infrastructure and skilled talent to meet these aspirations.
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