Tata Steel in talks to raise up to $400 mn in green loan: Report
The debt could have a tenor of about five years and the funds raised would be used for capital expenditure, said the report
- Apr 18, 2023,
- Updated Apr 18, 2023 7:23 PM IST
Tata Steel Ltd is in talks to raise as much as $400 million in what could be the steelmaker's first green loan, said a report on Tuesday.
Tata Steel has been making efforts to be carbon neutral and plans to start producing "green" steel - or steel made without using fossil fuels - in 2030 at its plant in Ijmuiden, Netherlands.
The debt could have a tenor of about five years and the funds raised would be used for capital expenditure, reported Bloomberg, citing sources.
The details are not final and might change, the report added, saying lenders for the loan include Bank of America Corp, HSBC Holdings, JP Morgan Chase & Co and Mitsubishi UFJ Financial Group.
"While the company is continuously evaluating the developments and options in the green financing space, there is nothing concrete," a Tata Steel spokesperson told Reuters.
"We continue to focus on our deleveraging plan and further repayments beyond the $4.5 billion deleveraging achieved in the last 3 years," the spokesperson said, without giving any other details.
On Tuesday, Tata Steel's scrip on BSE closed 0.4% higher at Rs 107.55.
With inputs from agencies
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Tata Steel Ltd is in talks to raise as much as $400 million in what could be the steelmaker's first green loan, said a report on Tuesday.
Tata Steel has been making efforts to be carbon neutral and plans to start producing "green" steel - or steel made without using fossil fuels - in 2030 at its plant in Ijmuiden, Netherlands.
The debt could have a tenor of about five years and the funds raised would be used for capital expenditure, reported Bloomberg, citing sources.
The details are not final and might change, the report added, saying lenders for the loan include Bank of America Corp, HSBC Holdings, JP Morgan Chase & Co and Mitsubishi UFJ Financial Group.
"While the company is continuously evaluating the developments and options in the green financing space, there is nothing concrete," a Tata Steel spokesperson told Reuters.
"We continue to focus on our deleveraging plan and further repayments beyond the $4.5 billion deleveraging achieved in the last 3 years," the spokesperson said, without giving any other details.
On Tuesday, Tata Steel's scrip on BSE closed 0.4% higher at Rs 107.55.
With inputs from agencies
Also WATCH | Apple shares in focus after BKC retail store launch; should you buy? See what technicals say