Autoline Industries signs up with Poddar Habitat to reduce its debts

Autoline Industries, an engineering and auto ancillary company, has signed a MoU with Poddar Habitat to transfer the said land and buildings thereon (immovable property). The Company will utilise the sale proceeds to settle the debt that has a charge on the above said immovable property and reduce its overall debt exposure. The company is currently operating through its 8 manufacturing facilities spread across India along with in-house ‘Design and Style’ centre.

In continuation of its initiatives to achieve the operational efficiency, cost reduction, better working capital management, smoothening of supply chain management and to reduce the debt, Autoline has taken one more major step by way of consolidating one of its manufacturing facility situated at Mhalunge in Pune to its Chakan Units situated at Pune.

In FY2018, they have reported a loss of Rs 52 crore. As of 31 March 2018, Autoline has reported a Rs 41,000 crore worth of asset and a revenue of Rs 39,491 crore from operations.