It was reported that JSW Steel, the largest steel manufacturers in India, planned to raise US$500-600 million by issuing US dollar bonds, which was to obtain partial finance for its expansion plan. The bond issuance was scheduled to be announced next week.

According to analysts, the US dollar bonds will help JSW Steel expand its capital and it will not cause too much pressure on its balance sheet.

In addition, JSW Steel has launched its project of large-scale brownfield expansion, and the investment will reach 4.4 billion rupees by March 2020. The investment of expansion was predicted to increase JSW Steel’s annual crude steel production capacity of crude steel by 6.6 million tons to 24.6 million tons, and that for downstream will be up by 3.3 million tons.