Beleaguered Indian winemaker Indage Vintners hopes to reverse a winding up order on its operations after securing a deal to refinance debts.

Indage said yesterday (28 April) that its proposal to restructure loan repayments has been approved by India’s Corporate Debt Restructuring Cell.

The news throws Indage a lifeline after a collapse in wine sales and profits saw the company unable to meet debt payments. In March, a judge issued a winding up order on the wine group, which had debts of around INR4bn (US$89m).

“The said proposal will allow the business to get kick started with the infusion of funds from promoters while the lenders will allow the repayments and interest rates to match with the future cash flow of the business,” said Indage yesterday.

“The company also believes this will facilitate the ongoing appeal in the winding up order,” it added.

Indage has not published full-year figures from fiscal 2009, but net sales for the nine months to the end of December collapsed to INR138m, against INR1.4bn in the same period a year earlier.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

The group also sank to net losses of INR483.7m for the period. It reported profits of INR183m in the prior year.

Stay informed for just £1! *

Subscribe to Just Drinks for unbiased coverage of the global drinks industry, offering insights into the corporate strategies of beverage manufacturers and brands worldwide.


What’s included in your subscription:
  • Unlimited access to Just Drinks content including daily global news, in-depth analysis, and interviews with C-suite executives
  • Unbeatable coverage of categories from beer, wine and spirits to soft drinks and hot beverages
  • Unrivalled drinks industry comment from leading sector specialists

Ready to stay informed? Subscribe now and gain access to exclusive content.

Subscribe

Have a subscription? Sign in

For further details on subscribing, click here. Need multi-user access? Explore our corporate subscriptions now.

*After your 1-month trial, your subscription will continue at £315 per year.