Orient Craft announces debt-free status, eyes Jharkhand as next growth destinationOrient Craft Limited, India’s leading player in the garments manufacturing and exports industry, announced its 100% debt-free status. It worked closely with a consortium of 11 banks, including the State Bank of India (SBI), United Bank of India (UBI), HDFC and Yes Bank to successfully monetize its marquee land and factory assets to pay-off a total debt of Rs. 850 cr. It completed the resolution of the ‘One Time Restructuring’ it underwent; post the Covid pandemic induced financial stress. Orient Craft’s efforts in voluntarily monetizing its non-mortgaged assets, and paying all dues in toto without seeking any hair-cut or waivers was lauded by members of the banking consortium.