SBI to finance SCCL’s global and domestic expansion projects

SBI has agreed to support Singareni Collieries Company Limited’s upcoming “Singareni Global” projects. SCCL plans to expand into critical minerals, gold and copper exploration, and large-scale renewable energy ventures, including solar, thermal, pumped storage, green hydrogen, and methanol production

Peddapalli: The State Bank of India (SBI) has expressed willingness to extend financial assistance to Singareni Collieries Company Limited (SCCL) for its upcoming projects in India and abroad under the “Singareni Global” initiative.

SCCL Chairman and Managing Director N Balram met SBI Chairman Challa Srinivasulu Setty, Deputy Managing Director Satyendra Kumar Singh, and Chief General Manager Shailesh Unnithan at the bank’s Mumbai headquarters on Thursday and held discussions on the matter.

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Balram informed bank officials that SCCL was preparing to enter the critical mineral sector both domestically and internationally, and had already secured licences for exploration of gold and copper in Karnataka. Leveraging central government incentives for the sector, the company also plans to take up large-scale production within the country.

In addition, SCCL aims to establish pumped storage projects, set up 5,000 MW capacity of solar and thermal power plants, and create facilities for green hydrogen and methanol production. Balram requested SBI’s support through low-interest loans for these ambitious projects.

Responding positively, Setty assured full cooperation and recalled SBI’s longstanding association with Singareni.