Bloomberg News

Bhushan Power Said to Plan $1.2 Billion of Rupee, Dollar Loans

October 20, 2011

Oct. 20 (Bloomberg) -- Bhushan Power & Steel Ltd., an Indian steelmaker, plans to raise a total of $1.2 billion in rupees and dollars, according to a person familiar with the matter.

The company will borrow $410 million for eight years, and seek 39 billion rupees ($786 million) of 12-year loans, the person said, declining to be identified because the matter is private.

Twenty-two lenders are participating in the rupee facility, and nine in the dollar borrowing, the person said. The loans will fund expansion of a steel plant in the south-eastern Indian state of Orissa, according to the person.

Axis Bank Ltd. is arranging the lending, the person said.

To contact the reporters on this story: Anurag Joshi in Mumbai at

To contact the editor responsible for this story: Shelley Smith at

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