Tata Steel has reportedly raised around Rs 9,000 crore in loans from the
domestic market to fund the brown field expansion of its existing facilities at
Jamshedpur in Jharkhand. A consortium of 16 banks led by the State Bank of India
(SBI), has agreed to lend the money.
SBI has committed around 30 per cent of the aggregate loan amount. Other
banks such as Punjab National Bank, Canara Bank and Union Bank of India are also
part of the consortium.
The company has planned a total investment of Rs 14,000 crore for raising its
steel producing capacity to 9.7 million tpa from present 6.8 million tpa. The
three million tpa expansion at Jamshedpur is likely to be completed by 2011.
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Tata
Steel on expansion drive (30-Jan-10)
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