Facor Steels to raise $ 2 mln through ECB

New Delhi, Mar 27 (UNI) Leading steel products manufacturer Facor Steels Ltd today said it has received Loan Registration Number from Reserve Bank of India (RBI) for availing External Commercial Borrowing (ECB) of two million dollars under the automatic route.

''The company proposes to utilise the ECB proceeds of two million dollars for partly financing capital equipments required for its proposed Forged Round Bar Plant project and balancing equipments for its existing steel melting shop and bright bar shop located in MIDC Industrial Estate, Hingna Road, Nagpur,'' company said in a statement.

The board had already approved the availing of ECB upto five million dollars in November, 2007.

UNI MP BJR DS1405