Sunday, Mar 06, 2005
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NEW DELHI, MARCH 5. Tata Steel is seeking a loan of up to Rs. 860 crores from International Finance Corporation for its expansion project worth Rs. 11,000 crores. The steel major plans to increase its capacity from five million tonnes to 7.4 million tonnes annually by 2009 and to 15 million tonnes by 2010 through organic growth and acquisitions in India and abroad, company sources said. Tata Steel, with its plant at Jamshedpur, has recently concluded the acquisition of steel-related businesses of NatSteel, a Singaporean company with operations in five emerging countries in Asia, including China. The company is believed to be looking for more overseas opportunities and Africa is also under its scanner. The loan proposal before the IFC will come up for consideration by the end of next month. Meanwhile, sources said the group company Tata Teleservices is also exploring the possibility of raising resources in overseas markets. — PTI
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