Thirumalai Chemicals executed a ₹65 crore unsecured loan agreement with related party Ultramarine & Pigments Limited.
The three-year loan carries 10% annual interest, compounded quarterly and payable at maturity.
The transaction is classified as a related party transaction but conducted on an arm's length basis.
Both companies hold significant cross-holdings, with TCL owning 14.38% of UPL and UPL holding 18.23% of TCL.