Tata Steel would finalise plans to refinance $5.4 billion loans for its British unit Corus this week, a top company official today said.
Tata Steel Vice-Chairman B Muthuraman told reporters that "yes, the refinance plan for Corus is happening this week".
However, he declined to name the banks with which the company is negotiating.
Tata Steel had taken the loans to fund its $12.9 billion acquisition of Corus in 2007.
On an outlook on steel prices and demand, Murthuraman said "steel prices are going up and going down which is a cyclical thing. There is nothing to talk about. Demand is good."