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Sical Logistics defaults on Rs 281 crore loan and interest to lenders

Default amoubt excludes a recalled borrowing of Rs 241.48 crore, due to non-compliance of certain covenants of the loan agreement

Sical Logistics | Coffee Day | loan default

T E Narasimhan  |  Chennai 

Imaging: Ajay Mohanty

Sical Logistics, an integrated logistics provider and part of the group, has defaulted in repaying a Rs 280.68 crore it took from from banks and financial institutions. It has also failed to pay the interest on the borrowing.

In an announcement to the BSE today, said its total outstanding short- and long-term borrowings as on September 30, 2020 stands at Rs 913.87 crore.

Of that, the amount of default as on date stands at Rs 280.68 crore.

The default excludes a recalled borrowing of Rs 241.48 crore, due to non-compliance of certain covenants of the loan agreement, the firm said in the filing.

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First Published: Sun, November 22 2020. 19:56 IST