Reliance seeks up to $3 bn loan for debt-refinancing, says media report

FILE PHOTO: A bird flies past a Reliance Industries logo installed on its mart in Ahmedabad, India January 16, 2017. REUTERS/Amit Dave/File Photo
| Photo Credit: Reuters

“Reliance Industries is in talks with banks for a loan of as much as $3 billion to refinance debt that is due next year,” Bloomberg News reported on Tuesday (December 10, 2024), citing people familiar with the issue.

Reliance expects to complete merger with Disney’s India business in Q3

“Around six banks are in talks with the company for the loan, which would be syndicated to the wider market in the first quarter of 2025,” the report said, adding that the terms of the loan have not been finalised yet and are subject to changes.

Reliance did not immediately reply to Reuters’ request for comment. Its chairman Mukesh Ambani told shareholders in August that the conglomerate is on track to more than double in size before the end of the decade, as it unveiled measures to step up its adoption of Artificial Intelligence. Reliance’s outstanding debt as of September 30 was 3.36 trillion Rupees ($39.60 billion). ($1 = 84.8340 Rupees)