Electrosteel Integrated Ltd (EIL) has reportedly tied up debt of Rs 5,447 crore to fund its 2.2 million tpa integrated steel project in Jharkhand. The proposed project is estimated to cost Rs 7,262 crore. EIL has already raised the required equity of Rs 1,815 crore for the steel project.
On 20 August 2009, EIL signed the final loan agreement with a 30-lender consortium led by State Bank of India. The consortium of lenders comprises Housing and Urban Development Corporation and LIC. IL&FS Finance Services was the advisor and sole arranger for syndication of the debt.
The proposed plant is likely to have sinter plant, coke ovens, and captive power plant. The company has already acquired the land required for the project and received all statutory clearances. The steel plant is expected to go stream by April 2010.
Source : ProjectsToday
|