Stemcor closes finance for Indian iron ore pellet project
Stemcor India, a subsidiary of the London-based steel trader, has completed the financial arrangements for its new 330-million dollars iron ore pelletising project.
NEW DELHI: Stemcor India, a subsidiary of the London-based steel trader, has completed the financial arrangements for its new 330-million dollars iron ore pelletising project at Kalinganagar in Orissa.
Quoting a Stemcor Spokesman, Steel Business Briefing reported that the company has signed a debt for Rs 9.75 billion (245 million dollars) with SBI Capital Markets as the lead arranger and the balance would be financed through equity.
It cited local reports that several steel companies, either already based in Kalinganagar or implementing projects there, having submitted letters of intent to source pellets from Stemcor.
"With financial closure, the company now expects the first tonne of pellets to be out in 2009, slightly earlier than the 2010 commissioning date which was projected in July," it added.
The plant will have a pellet production capacity of 4 million tonnes/year, as previously reported.
Quoting a Stemcor Spokesman, Steel Business Briefing reported that the company has signed a debt for Rs 9.75 billion (245 million dollars) with SBI Capital Markets as the lead arranger and the balance would be financed through equity.
It cited local reports that several steel companies, either already based in Kalinganagar or implementing projects there, having submitted letters of intent to source pellets from Stemcor.
"With financial closure, the company now expects the first tonne of pellets to be out in 2009, slightly earlier than the 2010 commissioning date which was projected in July," it added.
The plant will have a pellet production capacity of 4 million tonnes/year, as previously reported.
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