Electrosteel Steels Limited is planning to raise funds from State Bank of India-led lender group for its steel project in Jharkhand.

Besides SBI, the other bankers to the company are Bank of India, Bank of Baroda, Allahabad Bank and Central Bank of India. The lenders have exposure for a little over R 7,500 Cr.

Electrosteel Steels (ESL), promoted by the Electrosteel group of Kolkata, was incorporated in December 2006. ESL is setting up a 2.51 Mn tonnes per annum (MTPA) integrated steel & ductile iron pipe project (including Captive Power Plant [CPP] of 120 MW) at Bokaro.

ESL has revised the scope of the project to 2.51 MTPA (from 2.20 MTPA) in order to utilise the surplus capacity available in the plant infrastructure and has also decided to undergo an operational revamp at its pre planned facilities to achieve better operational efficiency.

Accordingly, the initial estimated project cost underwent an upward revision from R7,262 Cr to R9,562 Cr.

This January, Electrosteel Steels was planning to bring in fresh investors to cover up for the excessive costs incurred in setting up the integrated steel plant at Bokaro, Jharkhand.

In the space recently Tata Steel was planning to raise around $185 Mn through dual tranche bonds.

The Miglani Group was looking at raising PE investment to invest in Lloyds Steel in order to turnaround the company within one year.

Uttam Galva is also planning to raise funds through QIP for working capital requirement.

Previous Article

Update: Dr Lal PathLabs Raises Investment From WestBridge And TA Associates

Next Article

Renuka Sugar Plans Bond Sale

All Comments

Readers' Recommendations

Post a Comment

Display Name		E-mail
Comment
Comments are moderated and generally will be posted if they are on-topic and not abusive.