The power unit of one of India’s largest conglomerates Jindal Group is seeking to raise as much as $1 billion from offshore loans to fund overseas expansion, according to people familiar with the matter, providing relief for India’s dollar loan market that’s been stymied by trade swings.
As part of the financing, Jindal Power Ltd. has already signed an eight-year loan for about $500 million with lenders including India’s Axis Bank Ltd. and ICICI Bank Ltd., the people said, asking not to be identified as the details are private. The remaining $500 million is expected to be raised in the coming months, they said.
India’s Jindal Lines Up $1 Billion Loan in Boost for Slow Market
