Tilaknagar Industries completes settlement with Bank of India

Leading alcoholic beverages manufacturer, Tilaknagar Industries Limited today announced the completion of its One Time Settlement (OTS) with Bank of India (BOI) as it paid the compromise amount of Rs 95 crore to BOI against its outstanding debt of Rs 264.85 crore.

Tilaknagar Industries, maker of the famous Mansion House brandy, has settled its dues as per the terms of settlement contained in BOI's sanction letter issued in March 2018.

On completion of the payment of the full compromise amount as per the terms of the OTS, the company has received the No Dues Certificate from BOI.

Earlier, in January 2020, as part of debt restructuring, the company had settled an outstanding loan of Rs 44.13 crore with IDBI Bank by opting for an OTS under the IDBI Rinn Mukti Yojna 2019-20 Scheme.

Similarly, in another OTS, the company had settled its Rs 287-crore dues with State Bank of India for Rs 102 crore in November 2019.

Founded in 1933 as Maharashtra Sugar Mills, Tilaknagar Industries is now a leading alcoholic beverages company.

Over the years, the company has built a strong and diverse portfolio of brands in various liquor categories including brandy, whisky, vodka, gin and rum.

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( With inputs from ANI )