Japan's biggest steelmaker Nippon Steel Corp said on Tuesday its joint venture with ArcelorMittal has signed a $5.15 billion loan agreement with Japanese banks, including Japan Bank for International Cooperation.

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The 10-year-term loan would be used to refinance their acquisition of Essar Steel India, now known as ArcelorMittal Nippon Steel India Ltd.

Other banks part of the loan pact are MUFG Bank Ltd, Sumitomo Mitsui Banking Corp, Mizuho Bank Europe N.V. and Sumitomo Mitsui Trust Bank Ltd (London Branch), Nippon Steel said in a statement.

Last November, India's Supreme Court cleared the path for ArcelorMittal to take over bankrupt Essar Steel, following a legal tussle that had dragged through multiple courts for over two years.