Bloomberg News

Bharat Forge-Alstom Venture Said to Plan to Sign Rupee Loan

October 24, 2011

(Updates with attempts to contact company in fourth paragraph.)

Oct. 24 (Bloomberg) -- A joint venture between Bharat Forge Ltd., an Indian maker of steel parts, and Alstom SA, the French maker of power equipment, plans to sign a 13.5 billion rupee ($271 million) loan next month, according to a person familiar with the matter.

The 12-year loan is being arranged and underwritten by Axis Bank Ltd. and ICICI Bank Ltd., the person said, asking not to be identified as the matter is private.

Bank of India, Canara Bank, Export-Import Bank of India, Indian Bank and Oriental Bank of Commerce also participated in the syndication, the person said.

S.G.Joglekar, the chief financial officer of Pune-based Bharat Forge did not answer two calls made to his office telephone seeking comment on the financing.

--Editor: Katrina Nicholas

To contact the reporter on this story: Anurag Joshi in Mumbai at ajoshi53@bloomberg.net

To contact the editor responsible for this story: Shelley Smith at ssmith118@bloomberg.net


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