India’s Leading Apparel Exporter Orient Craft Is Now Debt-Free
Post a one-time restructuring, India’s leading garment manufacturer and exporter Orient Craft Limited, has become debt free. The restructuring was done post the Covid pandemic induced financial stress.
The Sudhir Dhingra led company worked closely with a consortium of 11 banks to successfully monetise its marquee land and factory assets to pay-off a total debt of Rs. 850 crores.
“Orient Craft’s efforts in voluntarily monetising its non-mortgaged assets, and paying all dues without seeking any hair-cut or waivers was lauded by the banking consortium,” an Orient Craft statement said.
Orient Craft is now free from non-performing asset (NPA) status and will now focus on re-building its business.
Orient Craft will continue its operations at a large world class, state-of-the-art and fully integrated manufacturing campus with a 3.5 lakh sq. feet production facility.
The facility houses around 2,500 machines and works in two shifts and also has other integrated services such as embroidery, washing, and printing, capable of delivering Rs 1,200 crore in annual revenue.
“The recent fulfilment of our financial commitments to banks and to all other business stake holders has offered a vital fillip to our business,” Founder Sudhir Dhingra said.
“At Orient Craft, we have always been guided by strong business ethics focused on long-term partnership with financial institutions and trade alike,” he added.
“With financial stress now behind us, we see immense growth opportunities in the coming years. The FTA with Australia and an imminent FTA with UK, and EU will open new opportunities,” Dhingra stated.
Established in 1978, Orient Craft is India’s leading manufacturer and exporter of premium clothing and home furnishings.
Orient Craft has a unique in-house ability for design and product development, which provides superior, comprehensive, product solution to its buyer by co-creating products.
At its peak, pre-Covid, Orient Craft employed 32,000 employees, spread across 24 facilities across five states, serving over 40 premium main-stream fashion brands across US, Europe, UK and Australia.
