Jindal Steel raises Rs 2,137 crore for expansion in Oman

Mumbai : MUMBAI: Jindal Steel & Power, a steel maker and power generator, has raised $475 million (about 2,137 crore) through the takeout financing route, to part finance expansion plans overseas, making it one of the largest such transactions by an Indian company.

The Delhi-based company, which is part of the OP Jindal group, has raised the loan at 225 basis points over the Libor, for a tenor of five years, with 10 large banks participating in the transaction. The banks include Standard Chartered, DBS, Citibank, Bank of Tokyo Mitsubishi, Mizuho, Barclays, RBS, ANZ, Credit Agricole and JP Morgan.