Reliance Industries seeks up to $3 billion loan for refinancing
Reliance Industries is in talks with banks for a loan of as much as $3 billion to refinance debt due next year, according to people familiar with the matter.
About half a dozen banks are in discussions with the Indian conglomerate for the loan, which would be syndicated to wider market in the first quarter of 2025, the people said, who asked not to be named as discussions are private. Terms have not been finalized yet and could be subject to changes, the people added.
Reliance Industries has approximately $2.9 billion worth of debt due in 2025, including interest payments, according to data compiled by Bloomberg News. A spokesperson for the group didn’t immediately respond to a request seeking comment.
If the borrowing goes through, it would mark Reliance Industries’ return to the offshore market since 2023, when the group raised over $8 billion of loans. Those facilities, which were for the parent and subsidiary Reliance Jio Infocomm Ltd., drew about 55 lenders in total as banks looked to join deals of top-tier credits, according to Bloomberg-compiled data.
The new loan comes amid continued weakening of the Indian rupee, which hit a record low against the dollar last month, due to ongoing outflows from local equities.
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