Bhushan Steel plans to raise $500 mn

Date: 07-06-2010

Bhushan Steel is planning to raise funds worth $500 million to finance new projects, including mining operations. However, timing of the fund-raising exercise will be decided later depending on market conditions, both within the country and abroad.

Bhushan Steel, which had commissioned a 2.2-million tonne(mt) steel unit in Orissa in March 2010, is planning to further expand its facilities to 4.7 mt. While Bhushan has already pumped in some Rs 2,000 crore in Orissa, bulk of the investments is to be made over the next few years. The company is looking at investing Rs 5,000 crore in Orissa over the next two and half years. crack crack