Project to be financed by a consortium of 16 banks led by SBi, PNB, Exim Bank
BMM Ispat Ltd today announced it will complete the setting up of a two MTPA fully integrated steel plant within next three-four years.
The project is being financed by a consortium of 16 banks led by SBI and includes PNB and Exim bank, the company
said in a statement.
"The total investment will be around Rs 6,700 crore for this project. In addition, we are progressing on the
three MTPA, gas based ISP which will be set up at a cost of Rs 16,300 crore," BMM Ispat Managing Director and
CEO Dinesh Singhi said.
The company has signed an MoU with the state government at GIM 2012, he said, adding that once the expansion is
completed, the plant will produce five MTPA of steel, which will cater to the south and western parts of the
"We will also be supplying low alloy steel for specialist sectors like automobiles in Chennai, Pune and other
cities," Singhi said.
Commenting on the challenging times faced by the industry for the past two years, Singhi said the country will
have to soon restart the ailing industry by providing the requisite impetus.
"The consumption is bound to increase and industry needs to gear up and look for opportunities that will give
them an edge when impediments will be cleared," he said.
SBI's S B Nayar said the availability of captive mines is the strongest point of this unique venture which makes
it a strong case for success.
"The importance of infrastructure growth for the economy is being felt all over the country and will surely
reflect in easing of the policy hurdles currently plaguing this sector," he said.
BMM Ispat currently produces two million tonnes of steel per annum and is the second-largest steel maker in
Karnataka, the company said.
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