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AP Paper to get $35m loan from IFC
HYDERABAD: Andhra Pradesh Paper Mills has signed a loan agreement with International finance Corporation (IFC), Washington, in connection with foreign currency loan of $35 million sanctioned by IFC to part finance its mill development plan (MDP). The company informed the stock exchanges to this effect on Wednesday. Last month, L. N. Bangur, Chairman, A. P. Paper Mills announced an ambitious expansion-cum-modernisation plan with an outlay of Rs. 554 crores to be taken up in two phases and to increase the capacity to 1.93 lakh tonnes per annum from 1.53 lakh tonnes. The first phase involves investment of Rs. 365 crores, and is to be completed by 2006.
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