JSW Steel Ltd., India's fourth- biggest steelmaker, plans to raise as much as $321 million in a combination of syndicated rupee and dollar loans to fund a new hot strip steel mill in the southern state of Karnataka with a capacity of two million tons per annum.
It has hired Citigroup Inc., Standard Chartered Plc, ABN Amro Holding NV and State Bank of India to borrow as much as $125 million overseas over six years. The loan may be increased by $50 million if there's sufficient demand.
It will also borrow six billion rupees ($146 million) from domestic banks.
Indian steel and aluminum producers need to increase production capacity as the world's second-fastest pace of economic growth stokes demand from construction and auto companies.
Whoever knows the calculus of over-investment is not welcome to the Dreamers’ Ball, for now.
[Click here for full story at: BLOOMBERG.COM]
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