SAIL to spend $2.9 bn in FY12 for capex projects

SAIL to spend $2.9 bn in FY12 for capex projects

Mumbai: State-run Steel Authority of India Ltd (SAIL) plans to spend 14,340 crore ($2.9 billion) in the current fiscal year ending March on capacity expansion projects, the company said on Thursday.

The investment is part of the company’s programme to expand total steelmaking capacity at its five integrated plants across the country to 21.4 million tonnes by March 2013.

The investment will be on several projects to add blast furnaces, cold rolling mills and coke oven batteries, it said in a statement.

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