RINL to raise Rs 22,500 cr debt to fund expansion projects

Rashtriya Ispat Nigam Tuesday said it will raise Rs 22,500 crore long-term debt in tranches to increase its steel making capacity to 11.3 million tonnes per annum (mtpa) by 2015-16.

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"Our existing steel making capacity is 3.6 mtpa. This is going to go up to 6.3 mtpa by this fiscal. We don't need any fund here. We will raise Rs 22,500 crore debt in the next 3-4 years to fund capacity expansion from 6.3 mtpa to 11.3 mtpa by 2015-16," RINL's director-finance, P Madhusudan, told PTI.

The state-run firm has invited around 45 lenders - both domestic and international - to present its future vision in Mumbai on the first week of the next month. "It will be an initial meeting with prospective lenders. We have invited both domestic and international banks," the management said.