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Reliance Likely To Raise $2 Billion Loan: Report According to the report, the Mukesh Ambani-led conglomerate plans to use the country's dedicated external commercial borrowing route to secure the loan

By Teena Jose

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Reliance Industries Ltd is in talks with lenders to raise a foreign currency loan of $2 billion to fuel the ongoing expansion of its oil-to-telecom business, according to a Bloomberg report. According to the report, the Mukesh Ambani-led conglomerate plans to use the country's dedicated external commercial borrowing route to secure the loan.

The facility may have a maturity period ranging between three to five years and the proceeds will be used for capital expenditure and to refinance another loan that matures in September. The lenders involved in the discussions include Bank of America Corp., Citigroup Inc. and Standard Chartered Plc, said the report

Reliance has said it aims to invest $75 billion in renewable energy over 15 years and last year acquired the $3 billion streaming rights to the highly coveted Indian Premier League cricket tournament. The report further added that the firm is also rolling out 5G network services across the country, which is expected to cost $25 billion.

In the fourth quarter of fiscal 2022-23, Reliance reported a consolidated profit after tax of Reliance Industries was INR 21,327 crore up by 18.3% from INR18,021 crore during the corresponding period last year.

Teena Jose

News Desk Reporter with Entrepreneur India

Teena is a post graduate in financial journalism. She has an avid interest in content creation, digital media and fashion.
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