Rabo recasts Ugar Sugar debt

Rabo India Finance has concluded a Rs 40 crore medium term debt restructuring exercise for Ugar Sugar Works Ltd (USWL), the second largest single location sugar manufacturer in southern India and the largest co-gen plant in India.

The refinancing will help USWL reduce its interest costs.

Rabo India Finance is the sole term lender to the company. Sanjiv Bhasin, chief executive officer (CEO), Rabo India Finance, said: "The financing provided by Rabo India would enable USWL to support its plans of efficient and profitable business growth."

USWL is a fully integrated sugar mill facilitating optimum utilisation of by-products like molasses and bagasse. It also sells the surplus electricity to Karnataka Power Transmission Corporation.

Shishir Shirgaokar, wholetime director, USWL said: "Rabo India's facility has enabled us to realise huge savings in interest costs, adding significantly to the bottom line".