Santander Bank announced that its Asset Based Lending Group has executed a $40 million revolving line of credit with Uttam Galva North America, an importer and distributor of steel coils based in New York, NY.

“Uttam Galva is a global leader in the steel industry and its U.S.-based management team has successfully positioned the business for growth in the Americas,” said Al Spada, managing director and head of Asset Based Lending at Santander. “Among our many services, we can provide clients like Uttam Galva with creative financing opportunities that help them reach their financial objectives, grow their businesses and better serve their customers.”

Uttam Galva North America was founded in 2014 by its parent, Uttam Galva Steels, Ltd., a publicly traded steel manufacturer located in Mumbai, India. The company, which offers a variety of services including sourcing, logistics, and inventory management, has been growing its presence throughout the United States.

“We are excited to be partnering with a lender and relationship team that fully understands our business, and is looking to help us continue to expand our North American operations,” said Daniel Bain, CFO of Uttam Galva North America.