Facor Steels - External Commercial Borrowing (ECB) of US $ 2 million
Facor Steels Ltd has informed BSE that the Company has received Loan Registration Number from Reserve Bank of India (RBI) for availing External Commercial Borrowing of US $ 2 Million under the Automatic Route. The Company proposes to utilize the ECB proceeds of US $ 2 Million, as aforesaid, for partly financing capital equipments required for its proposed Forged Round Bar Plant project and balancing equipments for its existing steel melting shop and bright bar shop located in MIDC Industrial Estate, Hingna Road, Nagpur.
The Board of the Company had already approved the availing of ECB upto US$ 5 million in
November, 2007.
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