State Bank of India (SBI) arranged a syndicated project term loan of Rs 1,512 crore for secondary steel manufacturer Bhushan Ltd for expansion of its integrated steel plant project in Orissa.Bhushan Ltd is setting up a backward integration project with an installed capacity of 1.2 million tonne at Jharsuguda in Orissa, SBI said in a release.The project is being set up in two phases with the first phase including sponge iron, captive power generation and steel billets have already commenced production, it said.In second phase, to be implemented now, the total term loan component was Rs 1,925 crore of which Rs 413 crore has been arranged as external commercial borrowings (ECB) and Rs 1,512 crore as rupee term loan, it said.SBI was the lead arranger for the term loan and the issue received overwhelming response. Total sanctions of Rs 2,660 crore from 20 Indian banks were received against term loan requirement of Rs 1,512 crore, it said.Bhushan Ltd is having manufacturing plants at Chandigarh and Kolkata, it said.
