Cairn India, an oil exploration company, announced that it has raised $1.6bn of loans, or about Rs 7,500 crore, for its Rajasthan oil project. The debt is split between $750mn of foreign debt and $850mn of domestic debt. Standard Chartered Bank and International Finance Corporation have funded the foreign component to the tune of $500mn and $250mn respectively. The $850mn domestic debt has been underwritten by the State Bank of India. This would be a syndicated debt arrangement, it appears. Continue Reading →
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