ArcelorMittal Nippon Steel India Plans Rs 85 Bn Fundraise for Expansion
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%.