Tata Chemical Europe gets £150 million finance package

NORTHWICH, UNITED KINGDOM:  has backed a £150 million finance package for Tata Chemicals Europe (TCE). The funding will replace the company’s existing facilities, including the debt package put in place to support its acquisition of British Salt in January.

Yorkshire Bank is providing £ 30 million as part of a banking consortium, which also includes Standard Chartered, Credit Agricole, DBS Bank and ICICI Bank. TCE, which is based in Northwich, is one of Europe’s leading producers of sodium carbonate or soda ash.

Meanwhile, Tata Steel Limited plans to use the $ 1.12 billion it earned from the sale of its 26.3 per cent stake in Australia’s Riversdale Mining Limited to fund the expansion of its steel-making capacity in Jamshedpur and Kalinganagar as well as mining operations and capital expenditure in its European operations. The company expects to expand annual domestic capacity to 16 million tonne by 2016.

(C) WOC News