Leading Garment Exporter Orient Craft Declares Itself Debt-Free

Leading Garment Exporter Orient Craft Declares Itself Debt-Free

One of India’s leading garment exporter and Sudhir Dhingra led Orient Craft Limited has become debt free post it’s restructuring.

The company worked closely with a consortium of 11 banks to successfully monetize its marquee land and factory assets to pay-off a total debt of Rs. 850 crores.

It completed the resolution of the ‘One Time Restructuring‘, post the Covid pandemic induced financial stress.

Orient Craft’s efforts in voluntarily monetizing its non-mortgaged assets, and paying all dues without seeking any hair-cut or waivers was lauded by members of the banking consortium.

Orient Craft is now free from Non-Performing Asset (NPA) status and is now focusing on re-building its business.

Orient Craft will continue its legacy in garment manufacturing and export, under a new avatar, now housed in Ranchi, Jharkhand.

This set up is a large world class, state-of-the-art and one of its kind in the country. It is a fully integrated manufacturing campus with a 3.5 lakhs sq. feet production facility.

The unit houses over 2,500 machines working on double shift basis with integrated services such as embroidery, washing, and printing, capable of delivering Rs. 1,200 crores 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,” 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,” Dhingra stated.

Dhingra further said that the recent Free Trade Agreement (FTA) with Australia and imminent FTA with UK, and European Union will also open business growth opportunities.

Established in 1978, Orient Craft is India’s leading manufacturer and exporter of premium ready-to-wear garments and home furnishings.