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| Exchange Disseminated Time | Jayaswal Neco Industries Ltd has informed BSE regarding "Expansion Projects Debt tie-up"
Announcement:
"The Company has successfully achieved Debt tie-up of Rs. 1800 Crores for its Integrated Steel Project in Chhattisgarh from ICICI Bank Ltd, Mumbai.
The Debt tie-up of Rs. 222 Crores for development of Moitra Coal Block in Jharkhand and additional 1 Lac TPA Coke Oven Plant and its associated 6 MW Power Plant in Chhattisgarh has already been achieved.
As informed earlier, through projects of development of Moitra Coal Block and Coke Oven Plant, the Company is poised to benefit considerably as the low cost semi-soft coking Coal extracted from Moitra Coal Block shall be blended with imported LAMCOKE at the Coke Oven facilities and converted into METCOKE which is a Principal raw material for the Blast Furnace of the Company. This is expected to help reduce dependence in Imported METCOKE, the prices of which are volatile in international markets. It will also give greater savings in cost of raw materials consumed. In addition, waste gases available from Coke Oven facilities shall be available for free for generation of Power to improve overall profitability of the Company considerably.
Integrated Steel Project referred to above will help the Company to explore the rich Mineral reserves in its Iron Ore and Coal Mines and enhance its manufacturing capacities of Steel and Sponge Iron significantly.
On implementation of the projects, the overall strength, competitiveness and profitability of the Company will increase considerably." |
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