HEG infomed that it’s wholly owned subsidiary TACC has got the approval from State Bank of India for Rs 1,230 crore loan.
This loan will be used to partly fund a new project — the setting up of a greenfield manufacturing plant in Dewas, Madhya Pradesh, to produce 20,000 metric tonnes per annum (MTPA) of lithium-ion battery-grade graphite anode.
SBI sanctions Rs 1,230 crore loan to HEG’s subsidiary
In its regulatory filing the company said, “we wish to inform you that State Bank of India have sanctioned a Credit Facility of Rs. 1230 Crores to TACC Limited, a Wholly Owned Subsidiary (WOS) of the Company as a financial assistance for a part funding of the project involving development of Green field manufacturing plant for production of 20,000 MTPA of Lithium-ion battery grade Graphite Anode at Dewas, Madhya Pradesh.”
HEG, part of the LNJ Bhilwara Group, is one of India’s leading manufacturers of graphite electrodes. The company operates as one of the world’s largest integrated graphite electrode facilities and produces ultra-high power (UHP) electrodes used in steel manufacturing.
HEG focuses on UHP-grade electrodes and also runs a captive power plant with a total capacity of over 77 MW to support its manufacturing operations.
Share price of HEG
The share price of HEG has increased almost 9.40% per cent in past six months