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Debt revamp for Techtran Poly
Our Bureau
HYDERABAD: Techtran Polylenses Ltd has informed the stock exchanges that Industrial Development Bank of India (IDBI) has sanctioned a debt restructuring in favour of the company whereby IDBI would receive Rs 4.1 crore from the company without any prepayment premium. Currently, the loan carries 15 per cent interest.
According to the company, IDBI has also agreed to reduce the interest rate on the remaining outstanding loan to 11 per cent from the existing 15 per cent with the cut-off date fixed as September 1, on payment of 50 per cent differential interest on discounted basis. All other terms and conditions remain unchanged, the company said
Techtran Poly sets up new lab for plastic lens
TECHTRAN Polylenses Ltd (TPL), a 100-per cent export-oriented plastic ophthalmic-lens manufacturing unit at Bonthapalli in Medak district, has set up a high-tech surfacing laboratory on the outskirts of Hyderabad to process prescription lenses.
TPL, which manufacturers five million lenses a year, achieved a turnover of more than Rs 20 crore in the last financial year and its exports were mainly to the US and Western Europe.
Though it was the largest manufacturer of plastic ophthalmic lenses in the country, the company was facing competition from Chinese products in the international markets.
To offset that and also to meet the diverse needs of customers, the company was concentrating on the manufacture of value-added products, according to Mr K.V. Rao, Managing Director.
Mr Rao said the company was also working towards increasing its share in the domestic market and was aiming at a turnover of Rs 5 crore this year from this segment. Last year, the turnover was Rs 3 crore.
The company manufactures a wide range of products including scratch resistant lens and photochromatic lens. It has plans to open surfacing labs in Visakhapatnam and Vijayawada in the State and won the top exporter award in its class for a few years.
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