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SAIL soars on mulling $11 billion investment in Afghan mines

Steel Authority Of India Ltd. | Steel & Iron Products | Metals & Mining | BSE: 500113 | NSE: SAIL

01 Dec 2011 Evaluate

SAIL is currently trading at Rs. 85.80, up by 5.20 points or 6.45% from its previous closing of Rs. 80.60 on the BSE.

The scrip opened at Rs. 84.70 and has touched a high and low of Rs. 86.00 and Rs. 83.55 respectively. So far 795961 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 197.05 on 21-Dec-2010 and a 52 week low of Rs. 80.20 on 30-Nov-2011.

Last one week high and low of the scrip stood at Rs. 88.70 and Rs. 80.20 respectively. The current market cap of the company is Rs. 33291.03 crore.

The promoters holding in the company stood at 85.82% while Institutions and Non-Institutions held 11.51% and 2.66% respectively.

Steel Authority of India (SAIL) led seven-member consortium, after winning the bid for Hajigak iron ore mines in Afghanistan, is mulling an investment aggregating to worth of about $11 billion for the development of the project over the next 8 to 10 years. The consortium proposes to set up a 6 million tonne per annum steel plant in two phases of 3 mpta each with an investment of $7-7.5 billion. However, the steel plant will only materialize if the Afghanistan Government provides the company with linkages for coking coal and limestone.

Also, since the Afghanistan is in the negative list, no international banks or lending institutions would be willing to have an exposure to the project. Hence, the company will be seeking financial assistance from Steel Ministry besides requesting for sovereign guarantees from the Government of India and certain facilitation agreement from the Afghanistan Government.

For the immediate future, the consortium proposes to invest $75 million (Rs 386 crore) to carry out exploration and geological studies of the 1.28 billion tonne deposits over the next three years. However, the management set-up of the consortium would be finalized over the next week after discussing with the other members, who are expected to contribute in proportion to their shareholding for the initial investment of $75 million. The consortium, which is led by public sector companies SAIL, NMDC and RINL, also consists of private sector players include JSW Steel, JSW Ispat, Jindal Steel and Power and Monnet Ispat and Energy.

In additional development, the company besides developing the required infrastructure also proposes to set up a 1,000-MW power plant and a road-rail link of about 200 km from the mines to the plant site.

SAIL Share Price

173.50 1.95 (1.14%)

17-Apr-2026 16:59 View Price Chart

Peers

Company Name	CMP
Tata Steel	212.05
JSW Steel	1239.90
SAIL	173.50
Jindal Stainless	787.90
APL Apollo Tubes	2105.45
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SAIL soars on mulling $11 billion investment in Afghan mines

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