August 30, 2008

FACOR Steels secures RBI loan for ECB of USD 2 million

FACOR Steels Limited announced that it has received loan registration number from Reserve Bank of India for availing external commercial borrowing of USD 2 million under the automatic route.

The lone would be used for partly financing capital equipments required for its proposed forged round bar plant project and balancing equipments for its existing steel melting shop and bright bar shop located in MIDC Industrial Estate at Hingna Road in Nagpur.

The board of FACOR had already approved the availing of ECB up to USD 5 million in November 2007.