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The Japan Bank for International Cooperation (JBIC; Governor: Akira Kondoh) signed today a loan agreement in the amount of up to approximately USD 6 million (JBIC portion) with JSW MI STEEL SERVICE CENTER PRIVATE LIMITED (JSWMI), an Indian company invested in by Marubeni-Itochu Steel Inc. (Marubeni-Itochu Steel). The loan is cofinanced with Mizuho Bank, Ltd., bringing the total cofinancing amount to approximately USD 10 million.
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This loan is intended to finance the necessary equipment funds for JSWMI to operate a coil center (steel processing and distribution center) in the northern part of India. JSWMI was established as a fifty-fifty joint venture between Marubeni-Itochu Steel and JSW Steel Limited, a major Indian steel manufacturer.
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Demand for local procurement of high-quality steel sheet is increasing in India, where Japanese car and electronic manufacturers continue to expand their presence. Marubeni-Itochu Steel seeks to develop a new business in India by providing a steady supply of high-quality steel sheet to Japanese manufactures expanding into northern India, as well as to other companies in the region. Through the support of the coil center operation by Marubeni-Itochu Steel in India, this loan will contribute to maintaining and strengthening the international competitiveness of Japanese industries.
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As Japan's policy-based financial institution, JBIC will continue to support the overseas business deployment of Japanese companies by drawing on its various financial facilities and schemes for structuring projects and performing its risk-assuming function.
