Coal India to prepay Japanese loan as rupee depreciates
Kolkata: Coal India will prepay Rs 300-400 crore outstanding Japanese loan as the rupee crashes to above Rs 60 against US dollar.
"We have decided to prepay Japanese loan and the outstanding amount will be about Rs 300-400 crore due to forex situation," Coal India Chairman S Narsing Rao said.
Asked about the World Bank loan, Rao said there is no provision for prepayment; otherwise the company would have done the same.
The outstanding loan from the World Bank would be around Rs 400-450 core.
These loans were extended for development and modernisation of Coal India in the past.
CIL officials said the outstanding loan, which the company has decided to clear, was from the Japanese Exim Bank.