Mukesh Ambani's Reliance Industries seeks record Rs 25,500-crore offshore loan to settle dues
PTC Web Desk: Reliance Industries Limited (RIL), led by Mukesh Ambani, is reportedly in discussions with banks to secure an offshore loan of up to $3 billion (approximately Rs 25,500 crore), according to Bloomberg. This could become the largest offshore loan from India in over a year.
Headquartered in Mumbai, Reliance Industries Limited is engaging with about six lenders to negotiate the terms of the loan, which may be finalised and syndicated to a broader market by the first quarter of 2025. The loan is aimed at settling the conglomerate's $2.9 billion debt due next year.
Should the transaction materialise, it would mark Reliance's return to the offshore lending market since it secured $8 billion last year, a record-breaking amount for an Indian company. That loan involved participation from 55 banks, highlighting the strong appeal of deals tied to Reliance's top-tier credit profile.
The report comes amid a period of economic volatility, with the Indian rupee hitting historic lows against the US dollar in November due to ongoing capital outflows. Despite these challenges, Reliance's credit rating remains robust.
Rated ‘Baa2’ by Moody's, one notch above India’s sovereign rating, Reliance enjoys a rare distinction of higher creditworthiness than its home country. Moody's recently reaffirmed this rating, citing the company’s "solid credit metrics" and resilience despite high capital expenditures.
- With inputs from agencies
