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Electrosteel plans Rs400cr capex, to raise $75mn

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Our Web Bureau Mumbai
The board of directors of Electrosteel Castings, which met today, approved a proposal to raise up to $75 million via FCCBs.

According to a release issued by the company to the BSE today, the meeting also approved a proposal to take up a coal mining project in Jharkhand. "Allocation of Parbatpur coal block in Jharia coal field has been given for captive mining. An estimated capital expenditure of Rs 337 crore has been approved," the release added.

The meeting also cleared a plan to establish a sinter plant with a capacity of 850 tonne per day for increasing the availability of liquid metal from blast furnace at an estimated investment of Rs 66 crore.

An EGM has been scheduled for February 20, 2006 to seek shareholders' approval for the above proposals.

 

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First Published: Jan 11 2006 | 4:24 PM IST

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