Infrastructure and defence solutions provider Apollo Micro Systems Limited (AMSL) on Thursday said that the State Bank of India (SBI) has sanctioned a loan of Rs 110 crore for the company's new project in Hyderabad.

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On Tuesday, Apollo Micro Systems Ltd (AMSL) announced plans to set up a facility in Telangana at Rs 210 crore investment for manufacturing of defence products.

"The company has received sanction for a term loan of Rs 110 crore from the State Bank of India (SBI) for the implementation of our upcoming project in Hardware Park. This funding is allocated towards the establishment of the Integrated Plant for Ingenious Defence Systems (IPiDS)," AMSL said in a statement.

In addition to the loan, the bank has also sanctioned the renewal and enhancement of other credit facilities for a 12-month period up to February 8, 2025.

The cash credit limit has been renewed and enhanced to Rs 57.50 crore from the existing limit of Rs 52.50 crore, while the inland bank guarantee limit has been enhanced to Rs 50 crore from Rs 40 crore currently.

Another inland letter of credit (ILC) limit has been renewed to Rs 35 crore.

Hyderabad-based AMSL offers technology-based solutions in sectors like infrastructure, transportation, and aerospace, among others.

Last year, AMSL incorporated its wholly-owned subsidiary Apollo Defence Industries Private Ltd, to take forward its plans of manufacturing defence equipment.