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BOC to raise Rs.780 cr in 2011

Kolkata, May 24 (IANS) BOC India Ltd would raise Rs.780 crore (denominated in euros) in 2011 through external commercial borrowing to execute its projects of Steel Authority of India and Tata Steel Ltd, a top company official said here Monday.

‘The loan would be basically given by our parent, Linde AG, as inter-corporate loan which would be treated as an ECB,’ Pawan Marda, assistant vice president and company secretary told reporters on the sidelines of the annual general meeting of the company.

The company’s total capital expenditure plan till 2012 calendar is to the tune of Rs.1,500 crore, managing director S.K. Menon said. The money would be raised through internal accruals and debt.

The capital expenditure would go into air-separation projects – one of 2,550 tonnes per day (tpd) capacity for Tata Steel at Jamshedpur; two plants of 855 tpd capacity each at the Rourkela plant of Steel Authority of India Limited and a 400 tpd plant for Jindal Steel and Power Ltd.

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