JSW Steel Seeks $750 Million Loan from Banks
Economic Times
India
27-02-2024
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Steel tycoon Sajjan Jindal plans to borrow $750 million for capital expenditure purposes as India's largest mill targets a major capacity expansion, according to people familiar with the matter.
JSW Steel Ltd., part of the $23 billion JSW Group, is sounding out lenders and a mandate is likely in the coming days, the people said, asking not to be identified as the information is private. The loan's tenor and pricing will be finalized later as the deal proceeds, the people said.
The Mumbai-based firm's need for cash has been growing as it aims to almost double its steel output to 50 million tons by the end of the decade to meet rising demand from construction, energy, and autos. Last week, it started work on a $7.8 billion complex in eastern India, and the company is also said to be in the fray for a 20% stake in Whitehaven Coal Ltd's Blackwater coal