Vatika Group Retires Rs 1109 Crore Debt in 11 Months

Vatika Group and its associated companies have retired debt worth Rs 1109 crores within a period of 11 months. The debt has been cleared by selling combinations of lands worth Rs 450 crores, finished inventories worth Rs 500 crores and company’s shares worth Rs 170 cr

BY Realty Plus
Published - Tuesday, 02 Mar, 2021

Vatika Group Retires Rs 1109 Crore Debt in 11 Months

Vatika Group and its associated companies have retired debt worth Rs 1109 crores within a period of 11 months. The debt has been cleared by selling combinations of lands worth Rs 450 crores, finished inventories worth Rs 500 crores and company’s shares worth Rs 170 crores, among others. Some of the major repayments include a repayment of Rs 304 crores to Piramal Enterprises, Rs 108 crores to HDFC Limited, Rs 519 crores to Indiabulls, Rs 82 crores to ICICI Bank and Rs 74 crores 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 leading and promising real-estate 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.