Vascon Engineers has received an approval to avail additional loan facility from ECL Finance, amounting to Rs 25 crore at 17.10% rate of interest by mortgaging the existing property with extended charge. The loan agreement will be executed by the end of October, 2017. The Board of Directors of the company in their meeting held on October 11, 2017 has approved the same.
The Board also approved the issuance of Corporate Guarantee towards Performance Security amounting for an amount not exceeding Rs 3,36,52,832 and Rs 2,51,10,000 respectively for its Adoni and Ayyulur Project in the State of Andhra Pradesh to Shapoorji Pallonji and Company.
Vascon Engineers has significant experience in providing EPC services, which include, constructing factories, hospitals, hospitality properties, office and residential complexes, shopping malls, multiplexes, IT parks and other buildings.