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Gujarat-based ?ArcelorMittal Nippon Steel (AMNS) India said it is first such transaction in India.
?The end-to-end electronic transaction, comprising digital issuance of letter of credit (LC), advisory and presentment of documents took place among AMNS India, its Baroda-based customer Vijay Tanks and ICICI Bank, the steel maker said in a statement.
In a step forward for digitising trade payments, AMNS India today (Sunday) announced it has executed the country s first domestic paperless bill discounting transaction in partnership with ICICI Bank, it said.
ICICI Bank was the intermediary between the buyer and seller, the statement said.
The bank s branch in Baroda, Gujarat, issued an LC for the buyer Vijay Tanks, while its branch at Hazira advised and negotiated for the seller AMNS India, it said. ....

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