Apollo Micro Systems signs agreement with SBI for implementation of upcoming project

Aerospace and defence company Apollo Micro Systems has entered into an agreement with the State Bank of India (SBI) for the implementation of the upcoming project. 

According to an exchange filing, the company has entered into the agreement to avail term loan of Rs 110 crores for the implementation of Integrated Plant for Ingenious Defence Systems (IPiDS) at Hardware Park, Hyderabad and renewal cum enhancement of the following Working Capital (WC) credit facilities from State Bank of India (SBI).

As part of the agreement the cash credit (CC) limit has been renewed and enhanced to Rs 57.50 crores and from an existing limit of Rs 52.50 crores.

The new facility shall be built on around 5 acres of land with a total built-up area of 3,50,000 square feet with end-to-end manufacturing and qualification set-up as per international standards with a total investment of Rs 210 crore, according to the statement.

Hyderabad-based Apollo Micro Systems Ltd (AMSL) offers technology-based solutions in sectors like infrastructure, transportation, and aerospace, among others, and employs around 350 people.