AMNS Luxembourg Holding to raise USD 5 bln loans to fund AMNS India's expansion works

AMNS Luxembourg Holding S.A has signed a USD 5 billion loan agreement with a consortium of Japanese banks to finance the expansion of AMNS India's plant located in Gujarat.

ArcelorMittal Nippon Steel (AMNS) India is a 60:40 joint venture between Luxembourg-based ArcelorMittal and Nippon Steel of Japan.

''AMNS Luxembourg Holding S.A, the parent company of AMNS India, has entered into a USD 5 billion loan agreement (JBIC co-financing loan) with the Japan Bank for International Cooperation, MUFG Bank Ltd., Sumitomo Mitsui Banking Corporation, Sumitomo Mitsui Trust Bank Ltd, Mizuho Bank Ltd, Mizuho Bank Europe N.V..,'' ArcelorMittal said in a statement on Friday.

The JBIC co-financing loan will be used to finance the expansion of AMNS India's annual steelmaking capacity at its Hazira plant from 9 million tonnes per annum to 15 million tonnes per annum.

In addition to the primary steelmaking capacity expansion, the project includes the development of downstream rolling and finishing facilities that will enhance AMNS India's ability to produce value-added steels for sectors including defence, automotive and infrastructure.

The expansion project, which started in October last year after receiving environmental clearances, will create more than 60,000 jobs.

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