Sunshine Capital Limited, a prominent non-banking financial company (NBFC) in India, has recently sanctioned a substantial loan of ₹1964.90 Million to Man Stainless Steel Tubes Limited (MSSTL) for their upcoming manufacturing project in Kathua, Jammu & Kashmir. This strategic financial decision underscores Sunshine Capital's commitment to fostering industrial growth and supporting the development of cutting-edge manufacturing facilities in India.

The sanctioned loan will be utilized to part-finance the capital expenditure required for constructing and developing a state-of-the-art manufacturing unit focused on producing Non-API Electric Resistance Welded (ERW) Carbon Steel Pipes. This new facility, Manufacturing Unit-2, is designed to have an impressive installed capacity of 250,000 metric tonnes per annum, marking a significant expansion for Man Stainless Steel Tubes Ltd.

The total cost of the project is estimated at ₹2807.00 Million, with the sanctioned financial facilities including a Rupee Term Loan (RTL) of up to ₹1964.90 Million and a Capex Letter of Credit (LC) of ₹1450.00 Million, acting as a sublimit of the RTL facility. This comprehensive financial package is structured to ensure the smooth execution of the project, which is expected to be completed by April 2025. The loan comes with a tenor of 9 years, including a 12-month construction period and a 12-month moratorium on repayment, providing ample time for the project to become operational and start generating revenue.

Sunshine Capital Limited, established in 1994 and registered under the Companies Act, 1956, is a Non-Deposit Taking Non-Banking Financial Company (ND-NBFC) regulated by the Reserve Bank of India (RBI). The company is ISO 9001:2015 certified, demonstrating its commitment to enhancing customer satisfaction through a robust quality management system. Sunshine Capital has always emphasized maintaining transparent business practices, strong customer-centric policies, and a commitment to creating value for all stakeholders.

This strategic partnership with Man Stainless Steel Tubes Limited is in line with Sunshine Capital's vision of supporting projects that drive industrial innovation and economic growth. The new manufacturing unit in Kathua is poised to play a crucial role in meeting the growing demand for high-quality ERW Carbon Steel Pipes in India and abroad, particularly in industries that require durable and reliable piping solutions.

As the project progresses, stakeholders and investors can expect regular updates on its development, ensuring transparency and accountability in every step. The successful completion of this project will not only bolster the financial performance of both companies involved but also contribute to the economic development of Jammu & Kashmir, creating job opportunities and fostering regional industrial growth.

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