Singareni Gets SBI Backing For Global Expansion
Singareni Collieries Company Limited (SCCL) has secured the backing of the State Bank of India (SBI) for its ambitious Singareni Global initiative, which aims to expand both domestically and internationally.
HYDERABAD: Singareni Collieries Company Limited (SCCL) has secured the backing of the State Bank of India (SBI) for its ambitious Singareni Global initiative, which aims to expand both domestically and internationally.
SCCL chairman and managing director (CMD) N. Balram met SBI chairman Challa Srinivasulu Setty and senior officials at the bank’s Mumbai headquarters to seek financial support for projects in the critical minerals sector and renewable energy. Balram outlined plans for gold and copper exploration in Karnataka, large-scale production with central government incentives, a pumped storage initiative, a 5,000 MW solar and thermal power complex and facilities for green hydrogen and methanol production.
Balram requested low-interest loans to fund these ventures and received a positive response. Setty reaffirmed SBI’s role as Singareni’s lead bank, noting the deep association between the two organisations. About 75 per cent of Singareni’s employees hold SBI accounts, and the bank provides them with a free accident insurance cover of Rs 1 crore.
According to a statement issued by SCCL, SBI conveyed full readiness to partner in these projects, aiming to help the company emerge as a globally recognised mining enterprise. The meeting reaffirmed decades of close collaboration between the two institutions, with SBI pledging continued support for Singareni’s expansion and global ambitions.
