FIs MAY RECALL ALL LOANS IN RAJINDER STEELS
Article Abstract:
Rajinder Steel Ltd has been given 2 months by the financial institutions (FIs) to prove that its Rs950 crore, 0.5 million tonnes hot-rolled coil project is viable. Rajinder Steel Ltd is setting up the project at Sitara in Madhya Pradesh. Financial institutions like IDBI, ICICI and IFCI have loaned Rs350 crore to Rajinder Steel Ltd. The financial institutions plan to recall all the loans given to Rajinder Steel Ltd. ICICI has categorised the loans given to Rajinder Steel Ltd as non-performing assets (NPAs) and IDBI and IFCI plan to classify them as NPAs in their 1998-99 balance- sheet. The promoters of Rajinder Steel Ltd have pledged their plant and machinery as collateral for the loans. The financial institutions have jointly decided not to fund the project of Rajinder Steel Ltd. (rk/kvr)
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1999
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STEEL-MAKERS LOOK TO RURAL HOUSING FOR STRENGTH
Article Abstract:
Since the steel industry has not got any major direct benefits in the Union Budget for 1999-2000, it is hoping for higher spending in rural housing and water projects for growth as it will result in a higher demand for long steel, tubes and pipes. The duty on hot rolled (HR) coils has been reduced from 30 percent to 27.5 percent while the duty on cold rolled (CR) coils has been increased from 35 percent to 38.5 percent. Imported CR products will now be costlier by about Rs500 per tonne while imported HR products will be cheaper by Rs300-330 per tonne. (khr)
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1999
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