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ArcelorMittal Nippon Steel India Ltd., a joint venture of two of the world's top steel firms, is in talks with banks to fund around ₹85 billion ($1 billion). The syndicated deal will involve at least three lenders, including the State Bank of India, ICICI Bank Ltd., and Axis Bank Ltd., with the proceeds going towards capital expenditure.
The largest bank in India, SBI, may lend more than half of the loan, which might have a term longer than five years and be priced using a benchmark for local interest rates. However, the loan's specifics are still being worked out and could change. The steel company had previously negotiated loans with a few other lenders, but they could not reach an agreement on funding costs.
The company is a joint venture between major steelmakers ArcelorMittal South Africa Ltd. and Japan’s Nippon Steel Corp. It’s India’s fourth-biggest flat steel producer with an annual capacity of 8.8 metric tonnes as of March 2023, according to Crisil Ratings, a local credit risk assessor.
A Bloomberg Intelligence analysis shows that building and construction account for 39% of India’s total steel demand, followed by infrastructure at 27%, engineering and packaging at 21%, and automotive at 12%, respectively.
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