Bhushan Steel raises $300 mn foreign currency loan

Singhal family owned, Bhushan Steel has raised $300 million in foreign currency. SBI Caps is the bank which arranged for the funds. Neeraj Singhal, VC & MD of Bhushan Steel said, “We have raised the fund for the further expansion of our existing steel plant.”

Bhushan Steel, which had commissioned a 2.2 million tones of steel unit in Orissa in March 2010, is planning to further expand its facilities to 4.7 million tones. Bhushan has already pumped in around Rs 2,000 crore in the Orissa project. The company will invest Rs 5,000 crores in Orissa over the next 2 years.

Bhushan Steel had entered into an agreement with leading global steel company, Sumitomo Metals of Japan. As part of the agreement, Bhushan will produce Hot Rolled Coil (HRC) and it will be marketed globally under the Sumitomo brand.