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Tata Steel Said to Plan $4.7 Billion Bank Loan: Corporate India

Tata Steel Ltd., India’s biggest producer of the alloy, plans to raise about 260 billion rupees ($4.7 billion) in loans to fund its first new mill in a century, two people with direct knowledge of the deal said.

The company may pay an interest rate of about 11.25 percent, said the people, who asked not to be identified because the process is private. The syndicated project-finance loan may be for a period of more than 8 years and will be disbursed in phases, the people said.