Singareni CMD N. Balram meets SBI Chairman Challa Srinivasulu Shetty in Mumbai
CMD N. Balram requested the SBI Chairman to provide low-interest loans for Singareni’s expansion projects
SBI Chairman Shetty expressed willingness to Extend Cooperation for Singareni’s development projects
SBI has been serving as the lead bank for Singareni for several decades..
HYDERABAD, SEPTEMBER 18, 2025: Singareni Collieries Company Limited (SCCL) is planning to launch major projects both within India and abroad under “Singareni Global”. To support the financial requirements of these ventures, the State Bank of India (SBI) has expressed its willingness to assist.
On Thursday, SCCL Chairman and Managing Director N Balram met with SBI Chairman Challa Srinivasulu Shetty, Deputy Managing Director Satyendra Kumar Singh and Chief General Manager Shailesh Unnithan at SBI’s headquarters in Mumbai to discuss the matter.
Mr Balram explained that the Singareni Collieries Company Limited is soon set to enter the critical mineral sector both domestically and internationally. It has already received licenses for the exploration of gold and copper minerals in Karnataka. Taking advantage of the incentives provided by the central government for the critical mineral sector, the company has decided to undertake large-scale production within the country as well. In addition, the company aims to establish pumped storage plants, 5,000 MW of solar and thermal power plants as well as facilities for green hydrogen and methanol production.
In this context, Mr Balram requested SBI to provide low-interest loans for these large-scale upcoming projects. Responding positively, SBI Chairman Mr Srinivasulu Setty assured full cooperation and partnership in Singareni’s development initiatives.
He recalled that SBI is already serving as the lead bank for Singareni’s major financial transactions, and expressed his hope that Singareni would establish itself as an internationally recognised mining company. He noted that SBI has had a strong and longstanding relationship with Singareni for decades.
“Decades-long bond with SBI”
For decades, Singareni has been conducting most of its financial transactions through the State Bank of India. Around 75% of Singareni’s workers have accounts with SBI. Additionally, SBI has extended a ₹1 Crore free accident insurance facility to Singareni employees, showcasing its commitment to employee welfare.
In this context, Singareni CMD N. Balram requested SBI’s senior officials to continue their support and become partners in the company’s upcoming expansion projects. SBI responded positively, expressing their willingness to collaborate and provide financial assistance for future ventures.
