Indian integrated steelmaker Shri Bajrang to raise $30 million to fund brownfield expansion

Friday, 26 November 2021 10:22:03 (GMT+3)   |   Kolkata

ndia’s integrated steel producer, Shri Bajrang Power and Ispat Limited has drawn up plans to fund its INR 2.17 billion ($30 million) ongoing expansion projects and liquidate its estimate debt of INR 4 billion ($54 million) from the estimated INR 7 billion ($94 million) to be raised through an initial public offer (IPO) of equity shares to the public, company officials said on Friday, November 26.

IThe officials said that Shri Bajrang’s brownfield expansion of capacity of sponge iron, steel melting, a rolling mill, ferroalloys and a captive power plant is scheduled for completion in January 2022.

Its current annual capacity is 1.76 million mt of steel semis and finished products, a 2 million mt per year iron ore beneficiation plant and a 1.4 million mt iron ore pellet plant.

Shri Bajrang has an iron ore mine located in the central state of Chhattisgarh with an annual production capacity of 1.2 million mt and an open cast manganese mine in the southern state of Andhra Pradesh.

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