SBI-led consortium approves Rs1230cr debt financing:Jai Balaji

KOLKATA: Jai Balaji Industries today said that a State Bank of India-led consortium has approved Rs 1,230 crore debt financing for its greenfield five million tonnes steel project and a power plant at Purulia,West Bengal.

"Jai Balaji has achieved financial closure for Rs 1,870 crore phase 1A of the five million tonne steel plant and 1215 MW power plant at Ragunathpur, Purulia," a Jai Balaji statement said here today.

The company said it would arrange Rs 640 crore as equity and internal accruals toward the project and the rest by SBI-led consortium.

The project will be completed in a period of 30 months, the company said.

The statement said the project of 35,000 tonnes coke oven plant at Durgapur plant is expected to be completed in November 2011.