Jindal Power lines up $1-billion loan

THE POWER UNIT of the Jindal Group is seeking to raise as much as $1 billion from offshore loans to fund overseas expansion, sources said, providing relief for India's dollar loan market that's been stymied by trade swings.

- SAIKAT DAS

As part of the financing, Jindal Power has already signed an eight-year loan for about $500 million with lenders including Axis Bank and ICICI Bank, the sources said. The remaining $500 million is expected to be raised in the coming months, they said.