Polestar advises on INR 1,450 Mn of working capital financing to India’s leading shipbuilding company.
Polestar acted as Sole and Exclusive Advisor to a large shipbuilding conglomerate with over 10 decades of experience in Shipbuilding and Mining, to secure working capital debt in the form of Foreign Bank Guarantees and Foreign/Inland Letters of Credit.
Few highlights:
- The shipbuilding conglomerate had acquired a large yard through NCLT in a separate SPV to enhance its shipbuilding capacity.
- As a part of the shipbuilding agreement, the company has secured advances from the customer for the construction of ships, against which the company is required to issue Bank Guarantee.
- Polestar was successful in getting the working capital line from a leading private bank for the entire INR 1,450 mn requirement enabling the shipyard to meet its obligations for ship construction advances.
