SPS Group unveils expansion plans in West Bengal
The Kolkata based SPS Group will be setting up a 1.2 million tons per annum pellet plant, a 1.7 million tons per annum iron ore beneficiation unit, a 0.5 million tons per annum coke oven and a 110 MW captive power plant at Mejia in Bankura district of West Bengal at a total cost of INR 2,000 crores.
Mr Bipin Kumar Vohra chairman of the SPS group told reporters that the group has floated a new entitiy SPS Steel & Power Ltd with an equity base of INR 700 crore.
London based private equity firm Athina Capital is set to pick up 32% stake in the new entity at a total consideration of INR 300 crores. The debt component of the project would be worth INR 1,350 crore.
Mr Vohra said that “Indian Overseas Bank has taken up the debt syndication responsibility adding that the financial closure of the project would be in August.
The group said that of the 300 acres required for the combined project, it has already acquired 200 acres directly from the land owners. The process for the purchase of the balance land is on and the group is hopeful of acquiring them at the earliest.
Mr Bipin Kumar Vohra chairman of the SPS group told reporters that the group has floated a new entitiy SPS Steel & Power Ltd with an equity base of INR 700 crore.
London based private equity firm Athina Capital is set to pick up 32% stake in the new entity at a total consideration of INR 300 crores. The debt component of the project would be worth INR 1,350 crore.
Mr Vohra said that “Indian Overseas Bank has taken up the debt syndication responsibility adding that the financial closure of the project would be in August.
The group said that of the 300 acres required for the combined project, it has already acquired 200 acres directly from the land owners. The process for the purchase of the balance land is on and the group is hopeful of acquiring them at the earliest.
No comments:
Post a Comment