SAIL ties up USD 350 million ECB from SBI

SAIL intends to use the commercial borrowing to meet expenditure on capital schemes

GN Bureau | September 15, 2017


#Steel Authority of India   #SBI  
Steel Authority of India Ltd (SAIL) has tied up an external commercial borrowing (ECB) of USD 350 million with State Bank of India (SBI) for a tenure of seven years. 
 
The Maharatna enterprise wants to use the commercial borrowing, which has been arranged by SBI from its Hong Kong branch, towards meeting expenditure on capital schemes including modernisation and expansion. 
 
SAIL is in the final leg of completing its modernisation projects, wherein it aims to diversify its product basket with more value added products and ready to use products customised to the market demands. 
 
It has tied the ECB at the lowest possible spread and the overall cost would work out cheaper than that applicable coupon on term loans and bonds for similar period. This re-emphasises the lenders confidence in the credit worthiness of the company. 
 
SAIL is taking various management initiatives to enhance its operational excellence and overall productivity, performance and products.
 

Comments

 

Other News

Central Bank Digital Currency has game-changing potential

When discussing digital currency, you might think of one or two well-known varieties. There is the digital representation of currency that you access with mobile and online banking services. This currency is the liability of a commercial bank. There is also cryptocurrency, a digital medium of exchange issu

An Insider’s Account of the Zail Singh Years: The Endgame

The Indian President: An Insider’s Account of the Zail Singh Years By K.C. Singh HarperCollins, 312 pages, Rs.699  

‘My Father Was a Simple Man’: Remembering Gen. Rawat

Bipin: The Man Behind the Uniform By Rachna Bisht Rawat Penguin, 207 pages, Rs 599 On the morning of 8 December 202

A Mind and Heart without Corners

In Love, At Ease: Everyday Spirituality with Pramukh Swami By Yogi Trivedi Penguin Random House, 360 pages, Rs 499 Spirituali

Mumbai air quality dips, BMC swings into action

Taking note of Mumbai’s rising air pollution and deteriorating air quality in the recent months, the BMC has attributed rising dust levels to different large-scale development and construction works combined with changes in the wind speed conditions. It has constituted a seven-member committee, which

‘Seasonal Influenza’: health ministry keeps watch on situation

Given an unusual uptick in the cases of “seasonal influenza” in the recent days, the health ministry Friday said that it was keeping a close watch on the situation in various states/UTs through the Integrated Disease Surveillance Programme (IDSP) network on real-time basis. The

Visionary Talk: Amitabh Gupta, Pune Police Commissioner with Kailashnath Adhikari, MD, Governance Now


Archives

Current Issue

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter