Reliance looking to raise $1.5 billion in overseas loans: report

20 May 2011

Reliance Industries is weighing plans to raise up to $1.5 billion in overseas loans, to replace its existing high-cost loans, reports quoting RIL sources said today.

The Mukesh Ambani-led conglomerate is looking to raise dollar-denominated loans through a consortium of banks and is now finalising the banks for the loan syndication, the report said.

Sources said that RIL might raise over $1 billion to repay its existing loans maturing in a few years and a further $400-500 million dollars of fresh borrowings.

In October last year, RIL, through its wholly owned subsidiary Reliance Holding USA Inc, had raised $1.5 billion in dollar denominated bonds. RIL raised $1 million through 10-year bonds and another $500 million through sale of 30-year bonds.

This $1.5 billion dollar bond sale, the company's first bond issue after 13 years, was also the largest-ever offshore bond offering by corporate India.