India SAIL sees FY13 capex at $2.9bn

NEW DELHI: Steel Authority of India (SAIL) will spend about 145 billion rupees ($2.9 billion) on capital expenditure in the next fiscal year, compared with 126.5 billion rupees this year, Chairman C.S. Verma said.

The additional capital expenditure will add 5 million tonnes of capacity, raising the company's annual production capacity to 19 million tonnes by the fiscal year that starts in April, he said at a conference on Friday.