Vatika Group clears debt worth Rs 1,109 cr

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SME Times News Bureau | 28 Feb, 2021
NCR-based real estate developer Vatika Group and its associated companies have repaid debt worth Rs 1,109 crore within a period of 11 months, said a company statement.

The debt has been cleared by selling combinations of lands worth Rs 450 crore, finished inventories worth Rs 500 crore and company's shares worth Rs 170 crore, among others, it said.

Some of the major repayments include a repayment of Rs 304 crore to Piramal Enterprises, Rs 108 crore to HDFC Ltd, Rs 519 crore to Indiabulls, Rs 82 crore to ICICI Bank and Rs 74 crore to Standard Chartered Bank.

Gaurav Bhalla, Managing Director, Vatika Limited said, "Building trust and confidence of investors, business partners and customers is the need of the hour in the realty segment. By retiring our debts, we will fast-pace our efforts to ensure hassle-free completion and delivery of our projects to our trusted end-users within a fixed time period."

The statement said that the developer is currently focusing on the completion of its ongoing ambitious projects. The company is also fast pacing its efforts to streamline and continue the sales of inventory and lands to raise capital with the twin purpose of retiring debt and funding construction.