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ArcelorMittal, Nippon sign $5.15 bn loan pact to refinance Essar Steel buy

The 10-year-term loan would be used to refinance their acquisition of Essar Steel India, now known as ArcelorMittal Nippon Steel India Ltd.

Reuters  |  Tokyo 

Japan's biggest steelmaker Corp said on Tuesday its joint venture with has signed a $5.15 billion loan agreement with Japanese banks, including Japan Bank for Cooperation.

The 10-year-term loan would be used to refinance their acquisition of India, now known as India Ltd.

Other banks part of the loan pact are MUFG Bank Ltd, Sumitomo Mitsui Banking Corp, Mizuho Bank Europe N.V. and Sumitomo Mitsui Trust Bank Ltd (London Branch), said in a statement.

Last November, India's Supreme Court cleared the path for to take over bankrupt Essar Steel, following a legal tussle that had dragged through multiple courts for over two years.

 

 

First Published: Tue, March 17 2020. 14:00 IST
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