Sail has planned a capex of Rs 9000 crore for this financial year and NMDC has capex plans of Rs 4500 crore.
Few months after the finance minister nudged public sector firms to invest their cash reserves with his famous phrase "use it or lose it"- NMDC and SAIL are lining up big capital expansion plans for this fiscal.
Both the companies together are planning to invest over Rs 13,000 crores.
NMDC is the iron ore producer for the country with cash reserve of about Rs 21000 crore and a planned a capex of Rs 4500 crore for this financial year as against Rs 2700 crore planned last year. The company's expansion plan includes the new steel plant in Chhattisgarh, the Nagarnar steel plant. The capex will also be used for expansion of new mines.
Meanwhile Sail has planned a capex of Rs 9000 crore for this financial year against that of Rs 9800 crore last year. The company has cash reserve of about Rs 3200 crore and internal money will be used for one-third of the expansions planned this year, while the rest two-third will be by debt or borrowings.
Sail will also be using this capex for expansion and modernisation of its already existing plants like Bokaro and Rourkela units.
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NMDC, SAIL plan big capex of around Rs 13000cr for FY15
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