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Soft loan for BSIL rehabilitation

RANCHI: The Chandil-based sick Bihar Sponge Iron Limited (BSIL), promoted jointly by the State and Modi Industries Limited, would get a soft loan of Rs. 32.50 crores for its rehabilitation. "BSIL would have to pay 8 per cent interest on soft loan," Cabinet Secretary, Aditya Swaroop, said after a Cabinet meeting chaired by the Chief Minister, Arjun Munda. The loan amount would be released only after obtaining a personal guarantee from the Chairman of Modi Industries and a promise of equity share up to a face value of Rs. 32.50 crores by the concern.

PTI

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