Naveen Jindal-led Jindal Steel & Power Ltd has planned a foreign currency term loan of $630 million for its Australian step-down coal mining subsidiary Wollongong Coal Ltd (WCL).
Of the two-tranche term loan, $430 million would be used to repay the existing loan and the balance would be utilised for part-financing capital expenditure.
WCL in a statement to the Australian Exchange said that Axis Bank Ltd has sanctioned its portion of $94 million for the first tranche and $44 million for the second tranche.