Realty firm RPS Group on Tuesday said it has cleared all outstanding ₹236 crore debt to banks and other financial institutions, including L&T Finance.
In a statement, the Delhi-NCR based company said it has become “completely debt-free, having successfully cleared its total outstanding debt of ₹236 crore.” The debt repayment includes the complete clearance of all institutional and bank borrowings, including those from L&T Finance and Phoenix.
Shanti Prakash Gupta, Chairman of RPS Group, said: “Clearing this debt ahead of schedule is a reflection of our unwavering commitment to financial prudence and stakeholder trust. This milestone strengthens our foundation and sets the stage for the next chapter of growth..” Rakesh Chand Gupta, Managing Director of RPS Group, said, the debt has been cleared with the help of strong operational cash flows.
In the last 20 years, RPS Group has delivered 11 million square feet area. It is developing a large 34-acre mixed-use project on the main Mathura Road.