The discussions come at a time when AM/NS India, a joint venture between ArcelorMittal and Nippon Steel Corporation, is ramping up its presence in the Indian market. The company has been actively investing in capacity expansion and modernization projects to meet the growing demand for steel in the country.

The proposed loan, if secured, would provide AM/NS India with additional financial resources to fund its expansion initiatives and enhance its competitiveness in the Indian steel industry. It is expected to be structured as a long-term facility, enabling the company to execute its strategic growth objectives effectively.

AM/NS India operates a state-of-the-art integrated steel plant in the state of Gujarat, with a production capacity of 10 million tonnes per annum. The company has been focused on leveraging its technological capabilities and operational expertise to deliver high-quality steel products to customers across various sectors, including automotive, infrastructure, and manufacturing.

The discussions with the consortium of banks reflect AM/NS India's commitment to strengthening its financial position and supporting its long-term growth ambitions in India. As the country continues to invest in infrastructure development and urbanisation projects, the demand for steel is expected to remain robust, providing significant opportunities for AM/NS India to further expand its market presence and contribute to the nation's economic growth.