ArcelorMittal Nippon Steel India Eyes Record Fundraise for Expansion Drive

ArcelorMittal Nippon Steel India is seeking to raise Rs 85 billion from banks to fuel its expansion plans, with State Bank of India, ICICI Bank, and Axis Bank expected to participate. The funds will be directed towards capital expenditure to boost capacity in line with projected infrastructure investments, potentially marking India's largest rupee-denominated loan this year. As the fourth-largest flat steel producer in India, the joint venture between ArcelorMittal South Africa and Nippon Steel Corp aims to meet the significant steel demand in sectors like construction, infrastructure, engineering, packaging, and automotive.