Indian state-owned steelmaker Steel Authority of India Limited (SAIL) has announced that it has signed an agreement with Indian bank State Bank of India (SBI) for an external commercial borrowing (ECB) of $350 million for a tenure of seven years. The external commercial borrowing has been arranged by SBI from its Hong Kong Branch and would be utilized by SAIL towards meeting expenditure on capital schemes including modernization and expansion.
SAIL stated that it is in the final leg of completing its balance modernization projects, wherein it aims to diversify its product basket with more value added products and ready to use products customized to the market demands. The company is taking various management initiatives to enhance its operational excellence and overall productivity, performance and products.