Tulip Telecom on Thursday said its lenders approved Rs 1800 crore revival package.
Tulip announced its plan to enter into restructuring of its debt in Dec 2012, under India’s CDR mechanism and got final approval from CDR cell on 25 March 2013.
The Rs 1800 crore package was formally approved on 25 March 2013 by a consortium of 12 banks.
Tulip Telecom said the package covers 12 year door-to-door repayment plan; reduction in interest rates by approximately two and half per cent; one and half year moratorium on interest and two and half year moratorium on principal.
“The complete implementation of the CDR package in a span of 3 months is a testimony to the strength in our business and our capability to secure leadership position as Enterprise Data Connectivity providers,” said HS Bedi, chairman and managing director, Tulip Telecom.
Tulip Telecom says its focus is now to normalize the business operation processes, to bring back the company on track and to deliver healthy performance in the coming quarters.
The company’s long term plan is also to restructure teams to ensure higher productivity, cost reduction, simplified processes and quickened customer response.
