The financial institutions are likely to foot the bill of the proposed Rs 1,485 crore package specified by the Cabinet Committee on Economic Affairs (CCEA) for the revival of the ailing Indian Iron & Steel Company (IISCO). The government will hold a meeting in a couple of days to discuss the financial arrangements.
Asked whether the financial institutions would be interested in funding an ailing company, officials said the steel sector was on a revival track with demand and price picking up in the last few weeks. Moreover, they said with the government standing as the guarantor, it would not be a problem to identify financial institutions which would be interested in funding.