New Delhi: Thiru Arooran Sugars has received an advance of Rs 232 crore against export of sugar over the next eight years.
The advance received has been primarily used for repayment of the credit facilities availed by the company from various banks, the company said in a regulatory filing on Wednesday.
The advance carries interest as per extant Reserve Bank of India Guidelines and is expected to reduce the financing costs of the company, it added.
"The company has received $35.35 million (Rs 232 crore) as advance against export of sugar over the next eight years," the filing said.
Besides sugar plants, the company also has one subsidiary Terra Energy Limited which has two cogeneration power plants.
At 2:54 p.m., shares in Thiru Arooran Sugars were trading 1.89 per cent higher at R 45.75 apiece on the BSE, whose benchmark Sensex index was down 0.51 per cent.