Tata Steel, country’s largest producer of the alloy is likely to raise $1 billion, by selling high-yield bonds. The company is in discussion with banks to arrange the sale and these banks may be hired by early next month and proceeds from the sale will be mainly used to refinance loans. Other than this, the entity is also raising money for its new factory in the eastern state of Odisha.
Tata Steel is the first integrated steel plant in Asia and is the world’s second most geographically diversified steel producers with an annual crude steel capacity of over 26.5 million tonnes.
