More NewsBhushan Steel Signs Export Finance Facility with DZ Bank, DBS Bank and Standard Chartered Bank

Bhushan Steel Signs Export Finance Facility with DZ Bank, DBS Bank and Standard Chartered Bank

DZ Bank, DBS Bank and Standard Chartered Bank have closed a US$258m export finance facility deal with Bhushan Steel Limited (BSL), a steel manufacturing company in India. Euler-Hermes, the export credit agency (ECA) of Germany, has backed the facility.

The agreement between the three banks and BSL was reached following the successful arrangement of a Euler-Hermes guarantee offer. Under the terms, the ECA provides a guarantee for covering 95% of the political and commercial risks related to the loan facility.

Nittin Johari, director finance of BSL, said: “We are extremely pleased with the export finance facility arranged by Standard Chartered Bank, DBS Bank and DZ Bank. The excellent co-ordination and timely execution in completing this financing and obtaining Euler Hermes support by the banks makes this transaction a very special one indeed. With this financing, we look forward to pushing ahead with our expansion plans and the ambition to become a leading integrated steel producer in India.”

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