The Japan Bank for International Co-operation (JBIC) has signed an export credit agreement with JSW Steel, an Indian company.
Along with Mizuho Corporate Bank, the Japanese export credit agency (ECA) will co-finance a loan totalling approximately US$53mn. Buyer’s credit insurance for JBIC’s contribution (approximately US$32mn) has been provided by Nippon Export and Investment Insurance (Nexi).
The finance will be used to purchase a continuous steel annealing line and associated technological services from JFE Shoji Trade Corporation. JSW will use the equipment and technology to construct the second cold rolling mill at Vijayanagar Works in Karnataka state, India. The facility will produce steel sheets for automobiles.
It’s the second such facility JSW has arranged with JBIC and Mizuho. In March 2012, the pair combined to co-finance a US$110mn loan, also used to purchase steel manufacturing equipment from JFE Shoji.
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