KfW IPEX-Bank finances German and European deliveries for Indian steel manufacturer Bhushan

Frankfurt am Main (ots) -

- German top-end technology reduces pollution in India
- Export finance worth up to EUR 170 million for deliveries from
medium-sized exporters from Germany and Europe

With a long-term loan of up to EUR 170 million KfW IPEX-Bank is
financing German and European exports to the Indian steel
manufacturer Bhushan Power & Steel Ltd. (BPSL) for the "Bhushan -
Phase VI" project in Orissa/India. The loan will serve to finance
supplies from Germany and also exports from Luxembourg and Italy. The
financing is covered by export credit insurance of the respective
countries.

"In this project we are financing in particular exports of German
top-end technology produced by medium-size companies, but also
supplies from other European manufacturers," said Markus Scheer,
member of the Management Board of KfW IPEX-Bank. Bhushan Power &
Steel is a long-time valued business partner of KfW IPEX-Bank, and we
work together in confidence with the company on the financing of its
projects."

Under the Phase VI expansion a new state-of-the-art blast furnace
will be installed in the Bhushan Power & Steel Plant. Its use will
not only contribute to reducing pollution but also to saving
production costs and curbing reliance on energy. Phase VI is
scheduled to be completed by the second half of 2017. The BPSL plant
will increase its current raw steel capacity of 2.4 million
tonnes/year by up to 1.1 million tonnes/year.

Due to increasing urbanisation, an upgradable business
infrastructure and the growing middle class in India, domestic demand
for steel is currently steadily increasing. The increase in the
supply of steel will make it possible for India, the world's fourth
largest steel producer, to keep pace with this trend.

About KfW IPEX-Bank GmbH

Within the KfW Group KfW IPEX-Bank is responsible for
international project and export finance. Its function of providing
financing to boost the German and European economy is derived from
the legal mandate assigned to KfW. It offers medium- and long-term
financing to support key export industries, to develop economic and
social infrastructure and to fund environmental and climate
protection projects. KfW IPEX-Bank operates as a legally independent
group subsidiary and plays a major role in fulfilling KfW's
promotional mission. It is represented in the most important economic
and financial centres across the globe.

Pressekontakt:
KfW IPEX-Bank GmbH, Palmengartenstraße 5-9, 60325 Frankfurt
Pressestelle: E-Mail: Dela Strumpf
dela.strumpf@kfw.de
Tel. 069 7431-2961, Fax: 069 7431-9409, E-Mail:
info@kfw-ipex-bank.de,
Internet: www.kfw-ipex-bank.de