Jindal Steel raises $475m for Oman expansion plan
JSPL's takeout loan one of the largest by a company in India
Jindal Steel & Power Limited (JSPL), one of India's largest steelmakers, which owns the Jindal Shadeed iron and steel plant in Sohar, has raised $475m in India to fund its expansion programme in Oman. The takeout loan transaction is one of the largest of its kind by a company in India.
DK Saraogi, executive president of Jindal Shadeed and head of JSPL's Oman operations, said: "The major part of this loan will be used to finance the expansion programme in Oman. Some funding is likely to go for technology and technical purchases outside Oman."
Saraogi did not divulge details of the investment plan in Oman for the next expansion phase. "We are trying to take the capacity up to five million tonnes (MT) by 2015-16. Until the expansion programme is initiated, we cannot divulge details of investments."