Sunday, 19 Jun 2011
PTI reported that after failing to launch the initial public offer so far, Steel Authority of India now plans to borrow USD 400 million from overseas lenders to part finance its expansion and modernisation plans.
The report quoted a source in the know as saying that “The company has sought expression of interests from overseas lenders to raise USD 400 million through external commercial borrowings.”
The source, however, said that the lenders from whom the targeted amount would be borrowed would be decided upon later depending upon their terms and conditions.
The source said the fund would be used to finance SAIL's modernisation and expansion plans.
The deadline for their response could not be ascertained.
SAIL has already embarked on INR 70,000 crore capacity expansion plan to take its domestic production to 23.46 million tonne per annum by 2012-13 from 14.35 million tonne at present. It has INR 14,337 crore capital expenditure plan for the current fiscal. (sourced from PTI)
Subscribe to:
Post Comments (Atom)
Posts
No comments:
Post a Comment