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Loan for JSW Steel Limited in India
Loan for Steel-Manufacturing Facilities

  • Region: Asia
  • Machinery and Equipment
  • Export Loans
January 10, 2020
  1. The Japan Bank for International Cooperation (JBIC, Governor: MAEDA Tadashi) signed  on January 9 an individual buyer's credit agreement amounting up to approximately USD30 million (JBIC portion), based on the export credit line established in March 2018*1 . The loan is co-financed with Mizuho Bank, Ltd, bringing the total co-financing amount to approximately USD49 million. Nippon Export and Investment Insurance (NEXI) will provide insurance to cover the portion being co-financed by the public-sector financial institution.

  2. JSW Steel is a major private steel manufacturing company in India, in which JFE Steel Corporation holds a 15% stake and plans to expand the Vijayanagar Works in Karnataka State in southwestern India. This loan is intended to provide the necessary funds for JSW Steel to purchase a complete set of facilities for a wire rod mill, used in processing of steel, from Primetals Technologies USA LLC and Primetals Technologies India Private Limited, both subsidiaries of Primetals Technologies Ltd. in the United Kingdom, a joint venture of Siemens AG in Germany, Mitsubishi Heavy Industries and Partners.
      
  3. In India, demand for steel is expected to expand in the medium to long term, particularly in the infrastructure sector, driven by its economic growth and it thereby has a strong interest in Japanese high-quality steel manufacturing facilities. This loan supports Japanese companies to further expand export of machinery and equipment by meeting the investment needs of JSW Steel in a timely and flexible manner, contributing to maintaining and increasing the international competitiveness of Japanese industries.
      
  4. As Japan's policy-based financial institution, JBIC will continue to provide financial support to assist Japanese companies in exporting machinery and equipment to growing markets such as India by drawing on its various financial instruments for structuring projects and expanding its risk-assuming function.
      
Note
  1. *1 

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