City-based Jai Balaji Group (JBG) today said it would raise Rs 700 crore from a consortium of 20 banks to part finance its Rs 4,000 crore first phase work in Purulia.
"We have already tied up Rs 700 crore from a consortium of 20 banks. This will be used to part finance our Rs 4,000 crore first phase of work in that area," a company official told PTI here.
In the first phase, Jai Balaji Group will be putting up a two million tonne steel plant, a one million tonne cement facility and a 400 Mw of power generation unit in Purulia.
The group plans to fund the proposed investment in the 2:1 debt-equity, he said.
The official said that Jai Balaji Group plans to start the construction work on the project "as soon as possible" and complete the first phase in the next 36 months.
It has received close to 750 acre from the West Bengal Industrial Development Corporation and hopes to get an additional 250 acre from it in the next one month.
"Around 1,000 acre is required in the first phase, while our requirement is 2,700 acre for the entire project," the official said.
JBG plans to invest Rs 16,000 crore in the entire project to put up a five million tonne integrated steel plant, three million tonne steel plant and 1,215 Mw power plant for captive consuption.
