New Delhi, Mar 17 () The Luxembourg-based parent firm of ArcelorMittal Nippon Steel India has tied up USD 5.146 billion (around Rs 38,000 crore) from a consortium of lenders to refinance the debt taken by the Indian joint venture arm for acquiring Essar Group's steel plant at Hazira in Gujarat, ArcelorMittal said on Tuesday.
ArcelorMittal Nippon Steel India (formerly Essar Steel) is a 60:40 joint venture between L N Mittal-owned ArcelorMittal and Nippon Steel Corporation (Nippon Steel) which acquired the Hazira steel plant through an insolvency process last year.
The resolution plan, which was approved for AMNS India, was of Rs 42,785 crore. The plan included a further Rs 8,000 crore capital injection.
"AMNS Luxembourg Holding S A (AMNS), the parent company of the AMNS India joint venture between Nippon Steel Corporation (Nippon Steel) and ArcelorMittal, entered into a USD 5.146 billion ten-year term loan agreement with Japan Bank for International Cooperation, MUFG Bank, Ltd, Sumitomo Mitsui Banking Corporation, Mizuho Bank Europe N.V. and Sumitomo Mitsui Trust Bank, Limited (London Branch)," ArcelorMittal said in a statement.
The proceeds of the loan, it said, will be used to refinance in full the amounts borrowed by AMNS in connection with the acquisition of ArcelorMittal Nippon Steel India Limited (formerly known as Essar Steel India Limited), "including the amounts borrowed under the USD 7 billion bridge term facilities agreement guaranteed by ArcelorMittal", it said. ABI MRMR
Next Story
India's gold demand up 8% in Jan-Mar to 136.6 tonne despite high rate
Mahindra XUV 3XO compact SUV launched in India starting at ₹7.49 lakh
Markets trade firm on global rally, fresh foreign fund inflows
Sustainable Energy Efficiency
BenQ Zowie XL2546X review – Monitor for the serious gamers
