The government from India is readying a financial package to help revive the steel sector and also prevent bank loans advanced to steel firms from turning bad.
The steel and finance ministries are working on a package for the steel sector that will be finalized in the next two months, steel secretary Aruna Sundararajan said.
A number of options are being considered, including bringing in international investors to invest in domestic steel companies, Sundararajan said at a CNBC TV18-Mint event on Monday.
“There are a broad range of proposals that include banks taking certain equity as redeemable preference shares and then giving the companies enough time to redeem them. There are other proposals, where we are looking at bringing in financial investors who can hold some of these stakes for a period of time, and then when the company comes back to health, they can disinvest,” Sundararajan said.
“We are also looking at bringing in certain external or international investors who can pump in fresh equity into these companies. There has been a fair degree of interest from international investors,” she added.
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