SAL Steel Secures ₹75 Cr Term Loan from Kotak Mahindra Bank

S.A.L. Steel Ltd announced that its Board of Directors has approved availing additional Term Loan facilities of ₹75,00,00,000 (₹75 Crore) from Kotak Mahindra Bank Limited. The company also approved the renewal of existing working capital facilities of ₹49,00,00,000 (₹49 Crore), aggregating to ₹124,00,00,000. These funds will be utilized for the part repayment of ICD of AIA Engineering Limited. The borrowing is secured by hypothecation of current and movable fixed assets, and an equitable mortgage on industrial property in Kutch, Gujarat. Personal guarantees from Mahesh Kumar Agarwal and Kaustubh Agarwal, and a corporate guarantee from Sree Metaliks Limited, will also be in place.