Billionaire Sajjan Jindal’s automotive business has secured about Rs 8,000 crore ($826 million) funding line from India’s largest lender, keeping its plans for a new energy vehicle venture on track.
The facility from State Bank of India, the country’s top lender, carries a tenor of more than 10 years, according to people familiar with the matter. It will partly fund JSW Motors Ltd.’s “greenfield manufacturing facility” in the western Indian state of Maharashtra, the company’s spokesperson said in response to a query from Bloomberg News.
