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Tata Steel Plans to Double Borrowing Capacity to $10 Billion Meet Project Costs
BANGALORE, INDIA--August 18, 2008--Researched by Industrial Info Resources (Sugar Land, Texas)--In its recently released report for the fiscal year 2007-08, India's Tata Steel (BOM:500470) (Mumbai) announced plans to increase its borrowing capacity from $5 billion to $10 billion to meet project costs involved in its greenfield and brownfield expansion plans. The firm will require approval from its shareholders and plans to seek their consent at its 101st annual general meeting scheduled to be held in Mumbai on August 28. Tata Steel, which is on a major expansion drive, plans to invest an aggregate $16.35 billion to develop three greenfield projects in the country. It also plans to undertake significant expansion activities in the Carborough Downs mine in Queensland, Australia, in partnership with Vale (NYSE:RIO) (Rio de Janeiro, Brazil).
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Industry Segment: Metals & Minerals
Word Count: 564 Words
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