MISL to Raise External Borrowing to $500 mn

The Mideast Integrated Steels Ltd (MISL) has planned to raise external commercial borrowing to the tune of $ 500 million to fund the brown-field expansion of the steel plant.

The borrowing process will start in next financial year for raising the plant’s capacity from 1.2 MTPA to 3.5 MTPA in two phases, Chairman-cum-Managing Director of the company Rita Singh said here on Friday.

The company is hopeful of good rating by the credit rating agency which would enable it to raise this kind of funding, Singh said adding that MISL enjoys debt free status from banking and financial institutions. The construction will start the moment environmental clearance for the expansion is granted by the Ministry of Environment and Forests. The State Government has already recommended for grant of environment clearance after completion of public hearing at Kalinga Nagar.

The flagship company of Mesco Steel Group has also identified some steel companies in Odisha as acquisition targets, Singh said. These companies are in distress due to mismatch of facilities, raw material supply constraints, management issues and high debts. Such an acquisition will be done only if there is a strong case for creating value for the company, she informed.

Sandip Ginodia , Director

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