The capital raised will be allocated for capital expenditure, aiming to enhance the company's capacity in line with anticipated infrastructure spending. If finalized, this would be India's largest rupee-denominated loan this year.
The company, ranked as India's fourth-largest flat steel manufacturer, is a joint venture between ArcelorMittal South Africa and Japan’s Nippon Steel Corp. According to Bloomberg Intelligence, building and construction account for 39% of India's steel demand, followed by infrastructure at 27%, engineering and packaging at 21%, and automotive at 12%.
