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Jagatjit Industries raises Rs 265Cr towards working capital needs

ANI  |  New Delhi [India] 

Limited (JIL), an Indian Made Foreign (IMFL) company announced that it has raised structured debt funding of Rs 265crore from Commercial Credit Limited, part of Group.

The deal will be executed in three phases, of which the first phase is now complete. The funds raised will retire the debt of US KKR's lending arm and UBI, and provide much-needed infusion in the company to address the working capital for marketing and development requirements.

Last year, JIL rationalised their workforce, closed markets and moved out of states that were not profitable downsizing their operation to only exist in States and with brands that made sense in an effort to achieve operational efficiency and a breakeven for the last three quarters and a positive for the last six months. Much effort was devoted to technology and developing new brands for the portfolio to be launched this April.

"This debt was much needed - our observation is that the brand Aristocrat is inherently powerful with massive latent demand, this infusion would now be able to feed that demand. It's heartening to see the customer recognises our commitment to superior quality at competitive prices. Despite the new infusion, the total company debt remains unchanged from last year but at the same time, we have significantly reduced the interest burden on the company. The second leg of this deal will further reduce the interest burden releasing more money for working capital," said Roshini Sanah Jaiswal, at

The company has an operational track record of over seven decades, and commands a strong presence in Delhi, Rajasthan, Punjab, Andhra Pradesh, Telangana, and Tamil Nadu, in the East Orissa, and across other North-Eastern states.

Caparo Financial Solutions, the financial services arm of the UK-based advised on the collaboration.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, January 12 2018. 11:45 IST