- Region: Asia
- Manufacturing and Services
- Overseas Investment Loans
October 8, 2013
The Japan Bank for International Cooperation (JBIC; Governor: Hiroshi Okuda) signed today a loan agreement totaling up to 8,150 thousand U.S. dollars (JBIC portion) with JSW MI Steel Service Center Private Limited (JSWMI), a company invested by Marubeni-Itochu Steel Inc. (Marubeni-Itochu Steel). The loan is cofinanced with a private financial institution.
The loan is intended to provide finance to establish the coil center with facilities for steel processing and distribution in India by JSWMI, set up by Marubeni-Itochu Steel and JSW Steel Limited, a major private steel manufacturing companies in India, with both companies having equal equity stakes.
The needs for local procurement of high quality steel materials are expected to grow in India, where many Japanese automobile and electronic manufactures are expanding their business and the demands of steel materials are expected to grow. Marubeni-Itochu Steel, through the establishment of JSWMI, plans to meet the needs of these companies in India including local subsidiaries of Japanese companies and to develop the new business there by stably supplying high quality steel products to them. This loan will support Marubeni-Itochu Steel in its steel processing and distribution business in India, thereby contributing to maintaining and improving the international competitiveness of Japanese industries.
As a public financial institution, JBIC will continue to support overseas business deployment of Japanese companies, by drawing on its various financial facilities and schemes for structuring projects and performing its risk-assuming function.