Reliance Industries Seeks up to $3 Billion Loan for Debt Refinancing

Reliance Industries, owned by billionaire Mukesh Ambani, is in talks with several banks to secure a loan of up to $3 billion to refinance debt due next year.

Around six banks are involved in the discussions, and the loan is expected to be offered to the wider market in early 2025. The exact terms of the loan have not been finalized and may change.

Reliance has around $2.9 billion in debt due in 2025, including interest payments, according to Bloomberg. A company spokesperson did not immediately comment on the matter.

Read also - Adani Group Announces ₹7.5 Lakh Crore Investment in Rajasthan at Global Summit

If the borrowing is approved, it will mark Reliance Industries' return to the international market since 2023, when the company raised over $8 billion in loans. These loans were for the parent company and its subsidiary, Reliance Jio Infocomm Ltd., and were supported by around 55 lenders as banks sought to be part of deals with high-quality borrowers, according to Bloomberg data.

New Loan Brief

The new loan comes as the Indian rupee continues to weaken, reaching a record low against the dollar last month, due to ongoing money outflows from local stocks.

Reliance Industries is currently rated one notch above India's sovereign rating, a rare occurrence where a company's creditworthiness exceeds that of its home country.

Last week, Moody's confirmed Reliance's Baa2 rating, stating that the company's credit metrics are "strong" and are expected to stay stable, despite ongoing large capital expenditures.

Startup Funding News: Your Gateway to Every Funding Update.

Latest Startup News: Stay updated with the latest startup news and trends. Your go-to source for startup ecosystem updates.

Advertisment

Startup Stories: Discover inspiring tales of startups overcoming challenges and achieving success.