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Report: Tata Steel seeks 115B rupee loan to fund Bhushan stake purchase

Tata Steel Ltd. is looking to secure a loan of 115 billion Indian rupees to help fund its acquisition of a controlling stake in debt-laden Bhushan Steel Ltd., Bloomberg News reported May 17, citing anonymous sources.

The group is said to be in talks with banks for a six-month bridge facility, which it aims to refinance with a loan that would mature in about 15 years.

Lenders engaged in discussions include Axis Bank Ltd., HDFC Bank Ltd., IndusInd Bank Ltd., Kotak Mahindra Bank Ltd., Standard Chartered PLC, State Bank of India and Yes Bank Ltd.

Meanwhile, other sources told Bloomberg that a Tata unit sold 50 billion rupees of three-month commercial paper to help finance the Bhushan purchase.

The national company law tribunal recently greenlighted Tata's acquisition of the Bhushan stake, which will help the company double its production in five years.

A company spokesperson did not immediately respond to the newswire's email seeking comment on the loan talks.

As of May 17, US$1 was equivalent to 67.82 Indian rupees.