Steel Authority of India (SAIL) is planning to invest Rs 7,500 crore on modernisation and expansion programme in the current fiscal ending March 2016. The 'Maharatna' company will seek shareholders nod to raise Rs 5,000 crore through securities to part finance its plans.
So far, the public sector undertaking (PSU) has invested over Rs 58,000 crore in its Rs 70,000 crore modernisation and expansion plan, which will augment the crude steel production capacity at its five steel plants to 23 million tonnes per annum (MTPA).
SAIL is India's largest steel producing company. The company is among the five Maharatnas of the country's Central Public Sector Enterprises. The company has five integrated steel plants, three special plants, and one subsidiary in different parts of the country.
