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Birla group firms tapping international market to raise $3.1 billion

Birla group firms, Novelis — a subsidiary of Hindalco — and SKI Carbon Black Mauritius are tapping international markets to raise $3.6 billion of debt. While Novelis raised $1.6 billion at a lower rate than the previous loan, SKI Carbon Black has hired 16 banks to raise $1.5 billion by selling bonds.

SKI Carbon Black is owned by the promoters and in June last year invested in Vodafone Idea rights issue. The company plans to use the funds for refinancing and general corporate purposes, bankers said. Novelis, which is on the verge of acquiring another …

Source: Business Standard