Electrosteel achieves financial closure

KOLKATA: Elecrostel Integrated Limited, an associate company of Electrosteel Castings Limited, has achieved financial closure for its Rs 4956-crore integrated steel project in Bokaro.

A company spokesman said IL&FS were the financial advisors and sole arrangers for project financing. Debt financing had been arranged by a consortium of banks and financial institutions.

The company would set up a plant with a capacity of 1.3 million tonnes per annum, which would manufacture long steel products and ductile iron pipes.

Electrosteel Castings had also obtained mining blocks of iron ore and coking coal in Jharkhand.