BASIS POINT-Tata JV with Nippon Steel & Sumitomo Metal gets US$135m loan

Last Updated: Wed, Nov 21, 2012 09:00 hrs

Nov 21 (Basis Point) - Japan Bank for International Cooperation and Mizuho Corporate Bank have completed a US$135m loan for Jamshedpur Continuous Annealing & Processing Co Pvt Ltd, an Indian joint venture between Japan's Nippon Steel & Sumitomo Metal Corp and India's Tata Steel Ltd, JBIC said in a statement on Tuesday.

The loan was signed on Tuesday. JBIC is providing US$81m, while MCB and Bank of Tokyo-Mitsubishi UFJ are funding the remainder.

Funds are to manufacture steel plates in Jamshedpur which will be sold to Indian carmakers. (Reporting by Wakako Sato; Editing by Gavin Stafford)

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