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KfW IPEX-Bank finances German and European deliveries for Indian steel manufacturer Bhushan
Frankfurt am Main (ots) -
- German top-end technology reduces pollution in India - Export finance worth up to EUR 170 million for deliveries from medium-sized exporters from Germany and Europe
With a long-term loan of up to EUR 170 million KfW IPEX-Bank is financing German and European exports to the Indian steel manufacturer Bhushan Power & Steel Ltd. (BPSL) for the "Bhushan - Phase VI" project in Orissa/India. The loan will serve to finance supplies from Germany and also exports from Luxembourg and Italy. The financing is covered by export credit insurance of the respective countries.
"In this project we are financing in particular exports of German top-end technology produced by medium-size companies, but also supplies from other European manufacturers," said Markus Scheer, member of the Management Board of KfW IPEX-Bank. Bhushan Power & Steel is a long-time valued business partner of KfW IPEX-Bank, and we work together in confidence with the company on the financing of its projects."
Under the Phase VI expansion a new state-of-the-art blast furnace will be installed in the Bhushan Power & Steel Plant. Its use will not only contribute to reducing pollution but also to saving production costs and curbing reliance on energy. Phase VI is scheduled to be completed by the second half of 2017. The BPSL plant will increase its current raw steel capacity of 2.4 million tonnes/year by up to 1.1 million tonnes/year.
Due to increasing urbanisation, an upgradable business infrastructure and the growing middle class in India, domestic demand for steel is currently steadily increasing. The increase in the supply of steel will make it possible for India, the world's fourth largest steel producer, to keep pace with this trend.
About KfW IPEX-Bank GmbH
Within the KfW Group KfW IPEX-Bank is responsible for international project and export finance. Its function of providing financing to boost the German and European economy is derived from the legal mandate assigned to KfW. It offers medium- and long-term financing to support key export industries, to develop economic and social infrastructure and to fund environmental and climate protection projects. KfW IPEX-Bank operates as a legally independent group subsidiary and plays a major role in fulfilling KfW's promotional mission. It is represented in the most important economic and financial centres across the globe.
KfW IPEX-Bank GmbH, Palmengartenstraße 5-9, 60325 Frankfurt
Pressestelle: E-Mail: Dela Strumpf
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