Essel Propack receives Inter Corporate Deposit

Deepthi | Myequity news | Date : 15-01-2019 16:35:00 IST

Essel Propack Limited (Essel), an Indian Multi-national company in the business of manufacturing laminated tubes, has received commitment of repayment of outstanding dues of Inter corporate deposit of Rs. 96.06 Crores (ICD) from Sprit Infrapower & Multiventures Private Limited (Sprit). Accordingly, an amount of Rs. 25.30 crores has already been received towards part repayment along with interest due and Sprit has further agreed to honour the remaining amount on or before 31st March 2019.

Essel and Sprit had entered into Inter Corporate Deposit agreement in relation to dues of Rs. 96.07 Crores payable to Essel. Sprit was related party as per applicable accounting standard.

On the matter Mr. Vinay Mokashi, Chief Financial Officer said, "The Company is committed to good Corporate Governance and realization of these dues shall further strengthen the cash flow of the Company or shall help us to reduce our debt."

About Essel Propack Ltd:

Essel Propack, part of the USO 4.2 billion Essel Group, with FY18 turnover of over USO 372 million, is the largest specialty packaging global company, manufacturing laminated plastic tubes catering to the FMCG and Pharma space. Employing over 3158 people representing 25 different nationalities, Essel Propack functions through 20 state of the art facilities and in eleven countries, selling circa 7 billion tubes and continuing to grow every year.


More from Myequity