The board of Diamond Cables has approved to accept a loan of Rs 68 crore from GE Capital. The said loan shall be for tenure of 5 years with a moratorium of 1 year. On completion of this project the company shall be amongst the top three power cables manufacturer in the country.
Looking at the bright prospects of the company and its growth plans the company requires long term working capital funds, which will enable its big ticket entry in Turnkey T&D projects. The board has approved a Loan of Rs 160 crore from clearwater capital partners lid, out of which tranche A of the loan comprising Rs 90 crore shall be repaid in one year and tranche B of the loan comprising of Rs 70 crore will be repaid in 5 years time.
This debt aggregating Rs 228 crore which is now raised from Clearwater Capital Partner and GE Capital will greatly enhance the companies working capital and result in maximum usage of assets and resource resulting in large scale increase in the top line of the company.