Oct 8 (Reuters) - 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)