Tata Steel is in talks with banks to raise between US$4.5 bn to US$5.5 bn loan to refinance debt at its European unit Corus, according to a report.
The company had reportedly said last month that it was looking to refinance existing debt based on the extension of the period and flexibility of terms.
Tata Steel's European operations account for two-thirds of its global capacity of about 30mn tonnes, while the Indian operations contribute a quarter, says report.