Tata Steel to raise $73 mn via ECBs
Business Standard — March 14, 2006

Tata Steel has signed two external commercial borrowing agreements aggregating 61.42 million ($ 73.36 million) at Frankfurt, Germany. A company statement to the Bombay Stock Exchange today said that the funding would be utilised to finance the import component of blast furnace H and sinter plant 4 as part of the ongoing expansion project in Jamshedpur. Blast furnace H, which will produce 2.5 million tonne per annum of hot metal, has been contracted to Paul Wurth Italia and Larsen & Toubro for commissioning.

Sinter plant 4 of 2.3 million tonne per annum capacity is contracted to Outokompu Technology GmbH, Germany and Larsen & Toubro. The agreements were signed with Deutsche Bank Aktiengesellschaft, Frankfurt am Main as original lender. These facilities are insured by SACE S.p.A. (Servizi Assicurativi per il Commercio Estero) of Italy and Euler HERMES Kreditversicherungs-Aktiengesellschaft of Germany.