India's Ispat Industries to sell up to $500 million in foreign currency notes

By Reshmi Basu

New York, March 2 - Ispat Industries Ltd. said it received approval from its board of directors of its plans to issue up to $500 million in foreign currency-denominated notes.

Proceeds from the sale would be used toward infrastructure improvements in some of the company's plants, including its hot-rolled coil steel plant at Dolvi in Raigad district of Maharashtra and its pellet plant, located at Vishakapatnam in Andhra Pradesh.

Ispat Industries is a steelmaker based in Mumbai, India.

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