Steel authority eyes debt sale

Steel Authority of India Ltd., the nation's second-biggest producer, will raise Rs60 billion (Dh3.85 billion) through debt this fiscal year as earnings and cash reserves decline, said a person familiar with plan.The funds will be raised through bank loans and bond sales in the year ending March 31 and mark a 62 percent increase in borrowings over the previous year, said the person, declining to be identified as he isn't authorized to speak to the media. Debt as on March 31 was 163.2 billion rupees. State-run Steel Authority is investing $13 billion as part of its upgradation strategy.from gulfnews.com