Sindhu Trade Links reduces bank-debt by Rs1041.5 million, aims to be debt free by 2023

15 Feb 2022 , 11:31 AM

BSE listed Sindhu Trade Links Limited is pleased to inform that in terms of Company Managements decision to become debt-free, it has reduced its bank debt by Rs1041.5 million, almost 1/3rd of its peak bank-debts.

With promoters’ persistence, the company dared to initiate this debt reduction program during the previous financial year itself, wherein businesses across the world were considerably disturbed by outburst of COVID-19 pandemic, and is continuing thereafter with tenacity to reduce bank-debt every quarter, and accordingly Rs784.7 million bank-debt has been repaid by the Company in first 9 month of the current financial year.

Commenting on the development, Satya Pal Sindhu, Managing Director of the Company said “I am very happy that we are moving towards becoming a Zero Debt Company, repayment of bank-debts amounting more than Rs1000 million in the last 15-18 months not only shows resolve of the company management but also signifies company’s financial strength. The bank-debt reduction ‘ll result into huge perpetual savings in interest expense, increased profitability and stronger financials, better credit ratings etc. We are working on other alternative plans also to augment the long-term resources in order to reduce the bank-debt further and confident of becoming debt-free earlier than the envisaged timelines.

“Sindhu Trade Links Limited (STTL) is flagship company of the conglomerate engaged in the business of logistics, transportation, mining, coal beneficiation, power generation, sponge iron and steel, stock broking, media, finance, food processing park, and Real Estate.

Headquartered in Delhi-NCR, STTL is a ‘one-stop shop’ for a wide spectrum of support services required for mining and allied activities, logistics and transportation. STTL’s has 5 subsidiaries and associates, involved in diversified businesses, namely 1. Hari Bhoomi Communications Private Limited-Media Business, 2. Sudha Bio Power Private Limited – Bio Mass Based Power Generation, 3. Indus Best Mega Food Park Private Limited – Development of Food Park for Food Processing Industries, 4. Shyam Indus Power Solutions Private Limited – EPC of Power Distribution, Power Transmission, Railway OHE, Railway Track Laying, and 5. Param Mitra Resources Pte. Limited – Overseas Coal Mining. For Overseas Coal Mining businesses, the Company has several step-down subsidiaries, associates, joint ventures in Australia, Hongkong, Singapore, and Indonesia.