Financial Daily from THE HINDU group of publications
Saturday, May 21, 2005
Financial Daily from THE HINDU group of publications Saturday, May 21, 2005 |
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Corporate
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Announcements SBI syndicates Rs 1,512-cr loan for Bhushan Ltd Our Bureau
Mumbai , May 20 THE State Bank of India has syndicated a project term loan of Rs 1,512 crore for Bhushan Ltd for expansion of its integrated steel plant project in Orissa.According to press release here, Bhushan Ltd is a secondary steel manufacturer with plants at Chandigarh, Derabasi and Kolkata. It is setting up a backward integration project to manufacture HR coils, steel billets, pig iron, sponge iron, with an installed capacity of 1.2 million tonnes at Jharsuguda in Orissa. The project is being set up in two phases and the first has already commenced production. The first phase includes sponge iron, captive power generation and steel billets and was also syndicated by the SBI, according to the press release. In the second phase, which is to be implemented now, the total term loan component is Rs 1,925 crore of which Rs 413 crore has been arranged as external commercial borrowing and Rs 1,512 crore as rupee term loan. The SBI was the lead arranger for the term loan and the issue received an overwhelming response.
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