AMSL, an infrastructure solutions provider, has announced that SBI has sanctioned a loan of Rs. 110 crore for the company's new project in Hyderabad. AMSL is planning to invest Rs. 210 crore in setting up a new facility in Telangana to manufacture defense products. This announcement was made recently.
"The company has received sanction for a term loan of Rs 110 crore from State Bank of India (SBI) for the implementation of our upcoming project in Hardware Park. This funding is allocated towards the establishment of the Integrated Plant for Ingenious Defence Systems (IPiDS)," AMSL said in a statement.
The bank has approved an extension and an increase in credit facilities for 12 months until February 8, 2025, in addition to the loan. The cash credit limit has been renewed and increased to Rs 57.50 crore from the previous limit of Rs 52.50 crore. Moreover, the inland bank guarantee limit has been increased to Rs 50 crore from the previous limit of Rs 40 crore.
AMSL, a Hyderabad-based company providing technology-based solutions in sectors like infrastructure, transportation, and aerospace, among others, has had its inland letter of credit (ILC) limit renewed to Rs 35 crore.
In the previous year, AMSL established a new subsidiary, Apollo Defence Industries Private Ltd, to initiate with the plan for manufacturing defence equipment.
