Posted in | News | Ferrous Alloys and Metals | Iron and Steel

Jindal Steel Planning for Expansion

Sep 6 2004

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Jindal Steel & Power Ltd is planning to raise $50 million (around Rs 225 crore) through foreign loans towards its Rs 1,200 crore expansion plan at its Raigarh facility. The expansion plans include setting up an 8-lakh-tonne metallurgical coke plant, one sinter plant with an annual capacity of 12.25 lakh tones and increasing its steel capacity by another one million tones per annum.

The Vice President (Finance), Mr. Sushil Maroo said that, Barclays Pic has been given the mandate to arrange for the $50-million overseas loan. "We expect to tie up the loans in another two months. "

The company is aiming at five-year term loans at a rate of Libor plus 170 basis points.

For more information on steel manufacture, click here.

September 6th, 2004

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