Kumar Mangalam Birla’s carbon black unit raises $1.5 billion mortgage: report

Business Standard

Birla Carbon is the world’s largest producer and provider of carbon black.

By Saikat Das

Birla Carbon India Pvt., a unit near billionaire Kumar Mangalam Birla managed by the Aditya Birla Group, is elevating an offshore mortgage price about $1.5 billion, in line with individuals accustomed to the matter.

Proceeds from the sale will probably be used primarily to refinance current debt, with a smaller portion earmarked to finance growth, mentioned the 2 sources, who requested anonymity as a result of the discussions are non-public. Lenders embrace Axis Financial institution, DBS Holding Group, First Abu Dhabi Financial institution, ICICI Financial institution, HSBC Holdings, Normal Chartered Financial institution and Union Financial institution of India.

The maker of carbon black components, extensively used within the manufacture of tires and plastic coatings, will rank among the many high 5 Indian debtors elevating overseas foreign money loans this 12 months as soon as the deal expires, knowledge compiled by Bloomberg reveals.

The deliberate fundraising comes in opposition to the backdrop of speedy credit score progress on the earth’s fastest-growing main economic system. Knowledge reveals that Indian firms have raised $19.8 billion in loans up to now in 2023, the very best stage in 4 years.

Birla Carbon didn’t instantly reply to Bloomberg’s request for remark. It’s the world’s largest producer and provider of carbon black, in line with the corporate’s web site.

First revealed: November 20, 2023 | 10:53 pm he

(Tags for translation)Birla Group

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