Business Line reported that State Bank of India is lending INR 2,500 crore to Rashtriya Ispat Nigam Ltd (the Visakhapatnam steel plant) for the expansion project and the procedural formalities will be completed on Tuesday.

According to SBI Chairman Pratip Chaudhuri, SBI’s loan to the RINL “is the biggest contribution we are making to the industrial development of this region in particular and Andhra Pradesh in general. So many ancillaries will be coming up in the vicinity of the RINL and the SBI’s contribution therefore cannot be overemphasised.”

He said the rate of interest would be 9.7% or 9.95% for the loan.

Source - Business Line

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