NEW DELHI, Apr 4 : Himalaya Food International on Saturday said a consortium of lenders led by State Bank of India has approved its proposal for extension of its One Time Settlement (OTS) till September 2026.
“This development substantially de-risks the Company’s balance sheet and marks the beginning of a high-growth revival phase,” Himalaya Food International, the country’s largest frozen & canned food processing company, said in a statement.
This extension clears the pathway for asset monetisation, capital infusion through rights issues or preferential shares, and the expansion of export-driven verticals, it said.
According to the company, out of the final settlement of Rs 43 crore, half of that, which is Rs 21.50 crore, has already been deposited.
It has paid Rs 77 crores till date and expects the balance of Rs 21.50 crores to be fully Achievable within the approved timeline.
Despite setbacks due to non-return of critical machinery by JV partner and force majeure impact from fire at the Gujarat facility, the company continued servicing obligations.
Commenting on the development, its Chairman & CEO Man Mohan Malik said this approval for extension of OTS represents a defining moment for Himalaya.
“We have already demonstrated our intent and capability by paying Rs 77 crores, including Rs 21.50 crores under the revised OTS. With the extension now in place, the path to full closure is clear, visible, and fully achievable,” he said.
Himalaya Food is entering a phase where financial restructuring is aligning with operational momentum-creating a powerful platform for accelerated growth and value creation, he said. (PTI)
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