Tata Steel launches $3.1b loan amid lending flurry

The Indian steel group has launched a jumbo loan into syndication as it seeks to refinance debt taken to acquire Corus.

Tata Steel, the Indian steel maker, has launched a jumbo $3.1 billion-equivalent loan package into general syndication as it seeks to refinance debt taken to fund its acquisition of Anglo Dutch steelmaker Corus, according to two sources familiar with the matter.

The company is tapping lenders amid a flurry of Indian corporate lending after Narendra Modi's Bharatiya Janata Party came into power in May, with large India blue chips such as Reliance Jio, the telecom unit of Reliance Industries, and Tata Power tapping the market.

Tata Steel acquired Corus in 2007, trumping a bid by Brazil's CSN, but has since struggled with the acquisition and soaring...

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