IFL Enterprises Ltd secured export orders worth USD 8.16 million - Approx. Rs. 67 crore
May 01, 2023
Ahmedabad (Gujarat) [India], May 1 (ANI/PNN): Ahmedabad-based
- the leading company in the business of trading all kinds of papers and stationery items has secured export orders from Kenyan company, Frereana Holding Ltd. The order is for the supply of writing books, textbooks, bond paper, and copier papers for schools in Kenya. The total FOB value of the order is estimated worth USD 8.16 million (approx. Rs. 67 crores) which is to be completed within 1 year.
The company has completed the due diligence with the overseas partner. The export shipments are scheduled from June 2023 and are expected to be completed by March 2024. The order is subject to 80 per cent advance payment as per the agreed terms of the contract, the balance 20 per cent on order delivery. Frereana Holding Ltd in its letter confirming the order to IFL Enterprises Ltd dated 21 April 2023 has stated that the Government of Kenya has awarded the company to supply writing books, textbooks, bond paper, and copier paper which is placed with IFL Enterprises Ltd.
Commenting on the development, Dolar Shah, Managing Director & CFO, IFL Enterprises Ltd said, "We are happy that our company has won a prestigious order worth USD 8.16 million which is to be executed in the FY23-24. This order is subject to 80 per cent initial advance payment as per the agreed terms. Shipments are expected to start from June 2023. The company is working towards executing its growth strategy in a manner that creates exponential value for all stakeholders while consistently delivering quality services. Company is expected to grow from strength-to-strength and poised for rapid growth in the years to come."
Incorporated in the year 2009, IFL Enterprises Ltd is a leading Paper trading company. It offers a diverse product range which includes All kinds of Paper related items. like Writing paper, coated paper, A/4 paper, Hi bright, Copier paper, Duplex Board, Art and Craft paper, Notebooks, etc.
"Thought leadership and deep insight of the management allows the company to discover new opportunities and perform to its true potential. The company continues to deliver value and commitment based on the highest professional standards and aims to leverage the growth opportunities in the economy," said Shah.
The company in its board meeting held on April 24, 2023, has allotted 4.54 crore equity shares of Rs. 1 each as fully paid bonus shares to the existing shareholders of the company. The company had declared bonus issue in a 1:4 ratio (One fully paid equity share for every four equity shares held) and stock split in a 1:10 ratio (One equity share of the face value of Rs. 10 each into 10 equity shares of the face value of Rs.1 each) in order to enhance the liquidity. It had set April 21st, 2023 as the record date to determine the eligibility of shareholders to receive the benefits of these corporate actions.
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