Arcelormittal Nippon Steel India Ltd., a joint venture between two global steel giants, is in discussions with banks to raise approximately 85 billion rupees ($1 billion), possibly the largest local-currency loan this year. Key lenders like State Bank of India, ICICI Bank Ltd., and Axis Bank Ltd. are expected to participate in the syndicated deal, earmarked for capital expenditure. The loan may extend over five years and be linked to a local interest rate benchmark.