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Jindal Steel raises US$475mn for expansion of Omani plant

Jindal Steel & Power Limited (JSPL) has raised US$475mn in India to fund its expansion programme at its Jindal Shadeed Iron and Steel plant in Sohar, Oman.

JSPL raised the loan for a tenor of five years, with ten banks participating in the transaction.

D K Saraogi, executive president of Jindal Shadeed and head of JSPL's Oman operations told Muscat Daily, "The major part of this loan will be used to finance the expansion programme in Oman. And some money is likely to go for technology and technical purchases outside Oman."

Saraog added. "We are trying to take the capacity up to 5mn tonnes (MT) by 2015-16. Until the expansion programme is initiated we cannot divulge details of investments."

JSPL acquired Shadeed Iron and Steel company in May 2010 from Abu-Dhabi's Al Ghaith Holdings for US$464mn. The US$500mn integrated steel complex of Jindal Shadeed was dedicated to the nation at the Port of Sohar in May this year. The current capacity of the plant is 1.5MT per annum of hot briquetted iron (HBI) and hot DRI (HDRI).

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