The government of India has sought the help of banks to alleviate the troubles faced by Indian Steel players. As per tweets from ET Now, banks have been requested to look into demands of steel companies.
It is learnt that Steel Secretary has met top banks to solve the financial woes faced by the country's crisis stricken steel cos. Govt is seeking banks' help in reducing debt burden of cos. The steel cos demands lower interest rates and longer tenure of loans.
The steel players the other day sought government aid to lessen the gravity of the situation. The over $100 billion industry is plagued by debt burden of Rs 3 lakh crore amid falling prices which paved way for highly lower realisations.
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