India’s home furnishing giant Himatsingka Seide Ltd (HSL), Bangalore is set to receive a cheque from an international investor, who has been on an investment spree in the country recently.
There are reports that the Jupiter India Fund-backed manufacturer has received up to US $ 69 million.
The International Finance Corporation (IFC), a member of the World Bank Group, is considering a financing package of up to US $ 69 million for HSL.
IFC is the largest global development institution focused on the private sector in developing countries.
It is being said that the proposed loan package will be used to refinance HSL’s long-term debt of approximately US $ 51.6 million, capital expenditure of approximately US $ 5.2 million towards de-bottlenecking of HSL’s terry towel capacity, and approximately US $ 12.2 million towards corporate decarbonisation exercise.
Almost a month ago, HSL had said that it was set to raise US $ 12.5 million (around Rs 103 crore) through foreign currency convertible bonds (FCCBs).
