Chandigarh, December 10, 2024 (Punjab Khabarnama Bureau)- Mukesh Ambani-led Reliance Industries Limited (RIL) is seeking a loan worth as much as $3 billion (approx. ₹25,500 crore) and is in talks with banks for what would potentially be the largest offshore loan from India in over a year, Bloomberg reported.
RIL, which is headquartered in Mumbai, is holding discussions with about half a dozen lenders, the report said, adding that the loan would be syndicated to a ‘wider market’ in the first quarter of 2025.
Terms for the lending, with which Reliance aims to settle dues owed by it, are yet to be finalised and could be subject to changes.
The report said the conglomerate has around $2.9 billion worth of debt due next year.
If the borrowing goes through, it would be RIL’s return to the offshore market since the group raised $8 billion (approx. ₹700 crore) in loan last year, a record for an Indian borrower at the time.
About 55 banks participated in loaning that amount to Reliance, as the lenders looked to join deals involving top-tier credits.
The report about the new loan comes even as the Indian rupee continues to weaken, hitting an unprecedented low against the US dollar in November, due to ongoing outflows from local equities.
Reliance is currently rated a notch above India’s sovereign grade, with this being a rare instance of a company enjoying higher creditworthiness than the country it is based in.
Summary: Mukesh Ambani’s Reliance Industries is reportedly seeking a record ₹25,500 crore loan to settle its financial dues.