Insolvency: Tata Steel to seek loan for Bhushan Steel buy

Tata Steel is preparing a Rs 115 billion ($1.7 billion) loan to help fund itspurchase of assets from Bhushan Steel, people familiar with the matter said.

The producer is in talks with banks about a six-month bridge facility, which it aims to refinance with a loan that would mature in about 15 years, according to the people, who asked not to be identified because the matter is private.

The acquisition would help Mumbai-based Tata in its goal to double production in five years, as it also plans further expansion at its Kalinganagar plant.

The new facility would