Oct 8 India's Tata Steel Ltd is
talking to banks about raising $1 billion from an overseas bond
sale to refinance a part of its existing debt, two sources with
direct knowledge of the matter said on Tuesday.
India's biggest steelmaker, which paid $13 billion for
Anglo-Dutch group Corus in 2007, could launch the bond issue by
the end of this year, said the sources.
Tata Steel, a unit of the Indian conglomerate Tata Group, is
expected to pick banks to manage the bond sale in the next
couple of weeks, one of the sources said.
A spokesman for Tata Steel, which had a net debt of 613
billion rupees ($9.91 billion) at the end of June, did not
immediately respond to a request for comment.
($1=61.8450 Indian rupees)
(Reporting by Sumeet Chatterjee and Archana Narayanan in
Mumbai; Editing by Greg Mahlich)