Bloomberg reported that Hindalco Industries Limited plans to sign an agreement to borrow INR 100 billion as early as next month.

The interest rate for the 12 1/2-year term facility, which will finance the company’s Aditya Alumina and Aluminium project in the eastern state of Odisha is about 11.25%. The company has raised INR 60 billion selling bonds since January.

The integrated alumina project includes a 4.2 million tonne bauxite mine, a 1.5 million tonne alumina refinery and 359,000 tonne smelter. The company has placed orders for equipment for the smelter and power plant after receiving most of the clearances required for the project.

Source - Bloomberg

(www.steelguru.com)