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Tata Steel to raise up to $5.5 billion debt

The company had said last month it was looking to refinance existing debt based on the extension of the period and flexibility of terms. It had reported net debt of $9.5 billion at the end of the June quarter.

DNA Web Team

Updated : Sep 08, 2010, 01:47 PM IST

Tata Steel, the world's No 7 steelmaker, is in talks with banks to raise between $4.5 billion to $5.5 billion loan to refinance debt at its European unit Corus, its managing director said on Wednesday.

"We are in talks with bankers for refinancing our European loans," HM Nerurkar told reporters.

Nerurkar did not name or quantify the banks with which the company was in talks and also did not specify any timeframe.

Last month, Tata Steel lagged market estimates for its June quarter profits and said it expected industry fundamentals to remain cautious in the second half of the 2010-11 financial year.

Tata Steel's European operations account for two-thirds of its global capacity of about 30 million tonnes, while the Indian operations contribute a quarter. It also has units in South East Asia and Africa.

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