TATA Steel attracts up to USD 500 million in foreign loans to finance expansion and refinancing of debt. Three-quarters of this amount will be used to expand the second phase of its steel plant in Kaliningar in Odisha, which will increase capacity by 5 million tons per year to 8 million tons per year, and the rest will go to debt refinancing to save on interest costs amid falling rates.
Tata Steel CFO Mr. Koshik Chatterjee said: “This is part of our regular financing program as we are looking at market opportunities to diversify our debt portfolio. This will be within the overall target debt level. ” But he did not specify the amount collected.
The company is negotiating with several foreign banks to raise five to six year old money. Among them are Citl Standard Chartered, First Abu Dhabi Bank, Credit Agricole Corp and BNP, sources said. The banks could not be contacted immediately.
Tata Steel to Raise USD 500 Million in Foreign Loans
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Azovpromstal® 5 July 2019 г. 12:18 |
