It had also raised $2.8 billion equivalent from overseas Export Credit Agencies-supported facilities to finance its pan-India 5G rollout

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Reliance Industries has raised $2.9 billion worth in offshore syndicated loan deals from several global banks, sources said. The money borrowed will be used to refinance maturing debt this year, they added.

The loan facility was finalised last week and has been in the works since early this year, said the sources. More than 50 banks were involved in the deal, which included a  small component in Japanese Yen, according to the details of the loan agreement.

Market sources said that there is likely to be more fund raising by its subsidiary Reliance Jio Infocomm later in the year, though no details were disclosed.

Reliance Industries did not respond to an email seeking comment on the deal.

Regular borrower

The Mukesh-Ambani controlled conglomerate is a regular borrower in the overseas market either through bonds or syndicated term loan facilities. In FY24, it had borrowed $4.45 billion equivalent in separate deals as syndicated term loans for itself and its subsidiary Reliance Jio Infocomm to finance capital expenditure, and to refinance maturing debt.

It had also raised $2.8 billion equivalent from overseas Export Credit Agencies-supported facilities to finance its pan-India 5G rollout.

With the spread between the US 10-year treasury yield and Indian government securities benchmark 10 year yield narrowing down to well below 200 basis points, more such foreign currency loans by Indian corporate can be expected, market observers said.

Published on May 15, 2025