August 30, 2008

FACOR board approves USD 5 million raising to fund expansion

The board of directors of FACOR Steels, at its meeting held on November 16th 2007, has approved the availing of external commercial borrowing of USD 5 million for partly financing its proposed forged round bar plant project and for procuring balancing equipments for its existing steel melting shop and bright bar shop located at MIDC Industrial Estate in Nagpur, subject to regulatory approvals and compliance of applicable laws and procedures.

FACOR Steels was established in 1956. It began its operations with ferromanganese production and slowly diversified into the production of ferrochrome and charge chrome. It took over a mini stainless steel plant in 1978 for manufacturing alloy, special and stainless steels. It is now an alloy steel producer in India and has been exporting special stainless steel products all over the world with a focus on developed countries, apart from catering to requirements of automobile, railways, defense, chemical, heavy machinery and engineering sectors in the domestic market.