Jain Irrigation

Going forward Jain Irrigation Systems will focus on improving the India business to drive higher growth and margin in one of the fastest growing irrigation markets in the world

The cash proceeds will be used to pay off Rs 2,700 crore of overseas debt

The interest payment was due on February 1, 2020, and the 30-day grace period ended on March 3, 2020, S&P said in a statement

S&P said there was a high likelihood that the company would be classified as a nonperforming asset by its relationship bankers

As on April 1st, the company had more than Rs 5,000 crore worth of orders in hand. It has total 33 manufacturing plants worldwide and 12,000 associates

An unsecured note is a loan that is not secured by the issuer's assets