Reliance Industries, led by billionaire Mukesh Ambani, is in discussions with foreign-currency loan lenders to raise up to $2 billion for the expansion of its diversified conglomerate, which includes oil and telecommunications operations, Bloomberg reported.
The company plans to utilize India’s dedicated external commercial borrowing route to secure the loan. The maturity period of the facility may range from three to five years, and a portion of the funds will be used to refinance a loan maturing in September. The report mentions Bank of America, Citigroup, and Standard Chartered as some of the lenders involved in the discussions. As of now, neither Reliance nor the banks have provided an official comment on the matter.
Last year, in August, Reliance had announced plans to invest $9.12 billion over a five-year period to expand its oil-to-chemical business. The conglomerate has also been focusing on expanding its 5G services in India and strengthening its streaming platform, JioCinema, through content partnerships. Furthermore, Reliance has made significant investments in acquiring rights to cricket tournaments and has shown a commitment to green energy projects.
