According to a report on Thursday, Mukesh Ambani’s Reliance Industries is in talks with foreign-currency loan lenders to raise up to $2 billion to fund the expansion of its oil-to-telecom conglomerate.
Bloomberg reported, citing sources, that Reliance intends to get the financing through India’s dedicated foreign commercial borrowing mechanism.
According to the article, the facility may have a maturity duration of three to five years, and a portion of the revenues will be utilised to refinance a debt that matures in September.
According to the article, Bank of America, Citigroup, and Standard Chartered are among the lenders involved in the loan discussions.
Reliance announced in August of last year that it intends to invest Rs 75,000 crore over the next five years to expand its oil to chemical sector.
Among other things, the company has been growing its 5G services in the country, reinforcing its streaming platform, JioCinema, with new content deals, presenting free cricket tournaments on its platform after spending billions on rights, and investing in green energy initiatives.