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Our Bureau

New Delhi , Dec. 9

JINDAL Stainless Ltd on Thursday announced financial closure of its ongoing project in Orissa. The project, estimated to cost Rs 950 crore, was funded with a debt component of Rs 630 crore.

In the first phase, Rs 200 crore non-convertible debentures (NCD) was placed in August this year at a fixed rate of 6.9 per cent.

For the balance amount, the company has tied with several banks including State Bank of Indore, J&K Bank, State Bank of Hyderabad, State Bank of Travancore and State Bank of Saurashtra for a combined debt of Rs 430 crore at a rate of 7.25 per cent for a 10-year period. These loans were also raised for a period of 10 years with a fixed rate at 7.25 per cent. The ferroalloys project is scheduled to be completed in phases and the first phase, which is setting up the ferrochrome facility, is expected to be completed by end of the current financial year, according to a company release.

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