US-based company, General Chemical Industrial Products is in a process to get 300 million non-recourse loans from various banks. The company is a subsidiary of Tata Chemicals and it wants this sum to repay loan taken by the company from Valley Holding to acquire the American firm earlier this year.

It has approached Standard Chartered Bank, ABN Amro, ANZ Banking Group, HSBC, Calyon Bank and SBI and the process is going on for loan approval through various channels.

Executive vice-president and chief financial officer of company, PK Ghose said that the loan process is expected to complete by the end of December. He thanked the financial institutions to have faith in the company despite world financial crisis. The company has strong financial health and it is getting funds at very reasonable prices.

Shares of TATA chemical showed a surge of 2.3 per cent and closed at Rs 140.50 today on National Stock Exchange.