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CHENNAI: Madras Fertilizers Ltd has entered into a one-time settlement agreement with ICICI Bank, which will benefit the company to the tune of Rs 18.95 crore as of March 31, 2005.

In a communication to the National Stock Exchange, MFL said that as part of a debt restructuring programme and various cost reduction measures, it had entered into a one-time settlement agreement with ICICI Bank for settling its outstanding obligation.

As per the scheme approved by the bank, the company will pay an amount of Rs 34.5 crore before May 20, in three instalments towards full and final settlement of its term loan and guarantee facilities.

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