Steel Plant in West Midnapore
JSW Bengal Steel will take a loan of Rs 4,000 crore from State Bank of India and utilise the amount for phase-I of the steel project coming up in West Midnapur, Biswadip Gupta, Managing Director, JSW Bengal, disclosed.
Speaking at a conference organised by the Confederation of Indian Industry in Kolkata, Gupta confirmed that SBI had agreed, in principle, to fund the first phase of the steel project. Phase-I involves setting up a 3-million tpa plant at an investment of Rs 10,000 crore, where the debt-ratio of the funding by SBI would amount to Rs 4,000 crore.
Phase-I of the steel project will have pelletisation and iron ore beneficiation plants and coal mine development units by 2012. In total, the steel project will be completed in three phases, with a total investment of Rs 35,000 crore.
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