Sunshine Capital Ltd Sanctions Rs. 1964.90 Million for Man Stainless Steel Tubes Limited Major Project

Sunshine Capital Ltd, a prominent NBFC, has sanctioned an amount of Rs. 1964.90 Million and signed a term sheet with Man Stainless Steel Tubes Limited (MSSTL) for the development of a state-of-the-art manufacturing unit-2 for Non-API Electric Resistance Welded (ERW) Carbon Steel Pipes in Kathua, Jammu & Kashmir. The proposed installed capacity of this manufacturing unit is 250,000 MT per annum. The financial facility sanctioned will be crucial in part-financing the capital expenditure required for the construction and development of this manufacturing unit. The total project cost is estimated at Rs. 2807.00 Million. The sanctioned facilities include a Rupee Term Loan (RTL) of up to Rs. 1964.90 Million and a Capex Letter of Credit (LC) of Rs. 1450.00 Million - acting as a sublimit of the RTL facility. The project is projected to be completed by April 2025, with a loan tenor of 9 years, including a 12-month construction period and a 12-month moratorium on repayment.