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| SAIL to spend Rs 10,000 crore on expansion in FY10 |
| Press Trust of India / New Delhi Jul 07, 2009, 16:54 IST |
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State-run steel giant SAIL will be spending more than Rs 10,000 crore mainly on expansion in the current financial year.
According to the Budget statement, all the steel PSUs together will spend over Rs 13,730 crore this fiscal, with SAIL contributing 75 per cent of the amount.
The steel major will not get any support from the Budget and the entire fund will have to be generated from internal and extra budgetary resource (IEBR), the Union Budget said.
The steel PSUs are undertaking Rs 70,000-crore project for capacity expansion by 2011-12. After the expansion, production capacity at SAIL will increase from 14 million tonnes to 26 million tonnes, while at RINL the capacity will double at 6.2 million tonnes.
The country's largest iron ore producer NMDC also plans to set up a plant in Chattisgarh with a capacity of 3 million tonnes annually.
The Budget has also made provisions for Rs seven crore to Hindustan Steel Works Construction and Rs 1 crore to the Bird Group of Companies for this fiscal.
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