Tata Steel in discussion to raise up to $400 mn in offshore green loan

20 Apr 2023 CW Team

India's Tata Steel is in discussions to raise up to $ 400 million, which would be the company's first green loan.

The debt might have a tenor of around five years and that the proceeds would be utilised for capital investment. Bank of America Corp., HSBC Holdings Plc, JPMorgan Chase & Co., and Mitsubishi UFJ Financial Group Inc. are some of the lenders.

No decision has been made in stone yet, and specifics may yet alter. According to information collated by Bloomberg, this would be Tata Steel's first green loan.

Steel production uses a lot of carbon, thus the industry needs new funding to reduce its environmental impact. According to a 2022 McKinsey Quarterly analysis, the transition to low-emissions products will cost around $ 4.4 trillion over the following 30 years.

Tata Steel falls short of its competitors on a number of environmental parameters, such as greenhouse gas emissions, air quality, and water and waste management.

Also read:
Tata Steel Q4 Update: 3% growth in output; 3.43% decline in revenue
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