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.
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