Telecom infrastructure firm Shilpi Cables Technologies Ltd (SCTL) today said it has received a loan sanction of Rs 104.03 crore from SBI, IDBI and other banks to fund its expansion.
The loan sanction includes Rs 41 crore from State Bank of India (SBI), Rs 21.5 crore from Karur Vyasya Bank and Rs 41.53 crore from IDBI, SCTL said in a statement.
The funds will be deployed towards working capital and other expansion related needs to cater to the cables demand generated by mobile operators after 3G allocation, it added.
Shilpi Cables, a Delhi-based company currently manufactures telecom, automobile and energy cables in India.
"After the successful allocation of 3G, we are expecting a spurt in demand for radio frequency feeder cables in Indian telecom space. This would result in a good growth opportunity for us," Shilpi Cables Director Manish Goel said.
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