The funds will retire the debt of US private equity giant KKR's lending arm and UBI, the company said, adding that it will also address the working capital for marketing and business development requirements.
Jagatjit Industries, which is engaged in country liquor, malted milk foods and malt extract besides leasing of commercial properties, has flagship brands like Aristocrat, AC, Binnies, Bonnie and IICE Vodka.
"This debt was much needed our observation is that the brand Aristocrat is inherently powerful with massive latent demand and this infusion would now be able to feed that demand," Jagatjit industries Promoter and Chief Restructuring Officer Roshini Sanah Jaiswal said.
Last year the company moved out of states that were not profitable and is now focussing on technology and developing new brands for the portfolio to be launched this April.
"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," Jaiswal said.
The second leg of this deal will further reduce the interest burden releasing more money for working capital, she said adding, "We are also looking at monetising unutilised assets to be debt free in the next few years".
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