JSW Steel seeks Rs 650-cr loan for chile iron ore expansion project
JSW Steel plans to raise around Rs 650-crore debt from international market to fund expansion programme at Chile iron ore project
By ET Bureau | Updated:
MUMBAI: JSW Steel plans to raise around Rs 650-crore debt from international market to fund expansion programme at Chile iron ore project.
The Mumbai-based steelmaker, which has been facing shortage of iron ore for its parent steelmaking facility in Karnataka, will expand the capacity of its Chilean mines by fourfold, said people familiar with the development.
“We have started talking to banks for the debt which will account for about 85% of the total cost of the project,” said a senior executive who wished not to be named.
“We have also initiated talks with suppliers for the mining equipment,” he added. JSW, through a Netherlandsbased subsidiary, had acquired mining concessions in the Atacama region of the South American country in 2008.
The Mumbai-based steelmaker, which has been facing shortage of iron ore for its parent steelmaking facility in Karnataka, will expand the capacity of its Chilean mines by fourfold, said people familiar with the development.
“We have started talking to banks for the debt which will account for about 85% of the total cost of the project,” said a senior executive who wished not to be named.
“We have also initiated talks with suppliers for the mining equipment,” he added. JSW, through a Netherlandsbased subsidiary, had acquired mining concessions in the Atacama region of the South American country in 2008.
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