MMTC Ltd will invest Rs 150 crore for the stabilisation of the steel making unit of Neelachal Ispat Nigam Ltd (NINL), promoted by the commodity giant.
The SBI cap has estimated Rs 300 crore capital infusion for taking up the pending proposals to enable the plant produce finished steel.
"The total capital infusion by the shareholders is pegged at Rs 300 crore. MMTC with 50% stake will invest Rs 150 crore in equity. The proposal has been processed by the ministry. We are hopeful that the cabinet will give its nod in two months", MMTC chairman-cum-managing director Ved Prakash told media