With banks reluctant to lend additionally to the highly-leveraged steel sector, the government from India is evaluating the setting up of a funding agency exclusively for the sector much on the lines of Power Finance Corporation and the Rural Electrification Corporation for the electricity sector. The proposed entity could have an initial capital of Rs 2,500 crore and entail participation from all major domestic producers, sources said.
A committee has already been formed by the steel ministry headed by the chairman and managing director of state-run steel firm Rashtriya Ispat Nigam, P Madhusudan, in this regard and it met for the third time on December 31. The committee is likely to submit its recommendations in a month.
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