New Delhi: Jindal Steel & Power Ltd. is in talks with three overseas banks to raise USD 150 million for expanding its steel production capacity in India, a senior executive said Tuesday.
"We expect to conclude the borrowing [arrangement] in a fortnight," Chief Financial Officer Sushil Maroo told reporters on the sidelines of an industry conference.
He said that despite the federal government allowing power companies to take on overseas debt for part-funding their expensive rupee loans, the company's electricity generation unit has no plans to do so.
Maroo said the company plans to raise a total debt of Rs 60 billion in the financial year beginning April 1, while it expects to spend Rs 80 billion on expanding the production capacities of its steel and power businesses.
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