Mumbai, June 10
TATA Steel today signed a $300-million loan agreement with International Finance Corporation (IFC), Washington, the private sector arm of the World Bank.
Under the agreement, the 11-year corporate loan consists of an A-loan of $100 million from IFC directly and a syndicated B-loan of $200 million. The B-loan will be underwritten by Bank of America, Calyon, The Hong Kong and Shanghai Banking Corporation Ltd and Standard Chartered Bank. "The IFC funding is an important part of Tata Steel's financing strategy. The IFC loan will help us finance our future projects by way of long-term funding," said a news release quoting Mr B. Muthuraman, Managing Director, Tata Steel.