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Tata Steel board approves 128B rupee rights issue

Tata Steel Ltd.'s board approved a rights issue to raise up to 128 billion Indian rupees to fund the expansion of its Kalinganagar steel facility in India's Odisha state as well as to slash debt.

The company said Dec. 19 that it will boost plant capacity by 5 million tonnes per annum to 8 mtpa, requiring a total investment of 235 billion rupees. This will increase the capacity of Tata's Indian steel operations to 18 mtpa.

The four-year expansion project will be funded through a combination of equity and debt, and is expected to help in meeting the growing demands from the automotive and general engineering segments, the company said.

As of Dec.19, US$1 was equivalent to 64.05 Indian rupees.