Reliance seeks $2 billion loan for expansion plans

19 Jun 2023 CW Team

Reliance Industries is currently engaged in discussions with lenders regarding a potential foreign-currency loan amounting to $2 billion. The purpose of this loan is to support the ongoing expansion of Reliance's diverse business portfolio, which encompasses oil and telecoms operations. To secure the loan, the company intends to utilise India's designated external commercial borrowing pathway.

According to an insider, the loan facility is anticipated to have a maturity period ranging from three to five years. The funds acquired through this loan will serve two primary purposes: funding capital expenditure and refinancing an existing loan that is set to mature in September.

Prominent financial institutions such as Bank of America Corp., Citigroup Inc., and Standard Chartered Plc are reportedly involved in these discussions. However, when approached for comments, spokespeople for these banks declined to provide any statements. A representative from Reliance stated that they are currently unable to offer an immediate comment.

Mukesh Ambani, the driving force behind Reliance, is seeking to raise funds as part of his ongoing efforts to expand the company's telecoms and consumer-facing divisions. Reliance's success in achieving a net debt zero status in 2020 has enabled the company to fuel its expansion endeavors through substantial borrowing.

Reliance has publicly announced its intention to invest $75 billion in renewable energy over a span of 15 years. Furthermore, the company made headlines last year with its acquisition of the highly sought-after $3 billion streaming rights for the Indian Premier League cricket tournament. Additionally, Reliance is actively rolling out 5G network services across the South Asian nation, with an estimated cost of $25 billion.

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