Apollo Micro Systems signs agreement with SBI for implementation of upcoming project
As part of the agreement the cash credit (CC) limit has been renewed and enhanced to Rs 57.50 crores and from an existing limit of Rs 52.50 crores.
Aerospace and defence company Apollo Micro Systems has entered into an agreement with the State Bank of India (SBI) for the implementation of the upcoming project.
According to an exchange filing, the company has entered into the agreement to avail term loan of Rs 110 crores for the implementation of Integrated Plant for Ingenious Defence Systems (IPiDS) at Hardware Park, Hyderabad and renewal cum enhancement of the following Working Capital (WC) credit facilities from State Bank of India (SBI).
As part of the agreement the cash credit (CC) limit has been renewed and enhanced to Rs 57.50 crores and from an existing limit of Rs 52.50 crores.
The new facility shall be built on around 5 acres of land with a total built-up area of 3,50,000 square feet with end-to-end manufacturing and qualification set-up as per international standards with a total investment of Rs 210 crore, according to the statement.
Hyderabad-based Apollo Micro Systems Ltd (AMSL) offers technology-based solutions in sectors like infrastructure, transportation, and aerospace, among others, and employs around 350 people.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Top 7 SIP Mutual Funds in 1 Year: What Rs 10,000, Rs 15,000, and Rs 20,000 SIPs have given in each fund
Special Live Trading Session on Saturday: Know why BSE, NSE will remain open on May 18; check timings
If you make RDs of Rs 5,000, Rs 10,000, Rs 15,000, and Rs 20,000 in post office, what will be your maturity amount?
Top 10 Mid-cap Stocks to Invest: Motilal Oswal picks Indian Hotels, Godrej Properties, and more; know target price
Atal Pension Yojana EPFO National Pension System SWP Retirement Planning schemes provide pension every month
Gold and Silver rate today (May 16, 2024): Yellow metal futures subdued; white metal hits record high breaches Rs 87,000 mark
RCB vs CSK IPL 2024 Ticket Booking Online: Where and how to buy RCB vs CSK tickets online - Check IPL Match 68 ticket price, other details
03:37 PM IST