Reliance Industries Secures $2.9 Billion Loan In Global Banking Deal
It is the largest offshore lending raised by an Indian company in over a year
Reliance Industries has secured a dual-currency loan of $2.9 billion. It comprises two segments – a $2.4 billion tranche in US dollars and a 67.7 billion yen ($462 million) tranche in Japanese yen.
About 55 banks participated in the deal, making it the largest bank group for a syndicated loan in Asia so far in 2025.
The billionaire Mukesh Ambani-led conglomerate holds credit ratings of Baa2 from Moody’s and BBB from Fitch. It indicates that the borrower is stable and capable of repaying debt, though it is not in the top tier of credit grade.
(It is above India’s sovereign credit rating, which stands at Baa3 from Moody’s and BBB from Fitch).
The transaction has pushed foreign currency loan volumes raised by Indian companies to $10.4 billion. While syndicated lending in the broader Asia-Pacific region (excluding Japan) slumped to a two-decade low of $29 billion in G3 currencies (US dollars, euros and yen), India stood resolute.
Meanwhile, Reliance continues to ramp up investment across its diverse businesses.
At the company’s annual general meeting (AGM) in August 2024, Ambani laid out an ambitious roadmap, stating the group aimed to break into the world’s 30 most valuable companies, up from its current position in the top 50.
He credited the vision to the group’s increasing focus on deep technology and advanced manufacturing – fields wherein the company has emerged as a technology producer.
Ambani emphasized bold plans for the company’s ‘New Energy’ division, matching it to the scale and profitability of Reliance’s traditional oil-to-chemicals (O2C) business within five to seven years.
Reliance Group has major investments in biogas, plastics and polyester production. These include the establishment of 55 compressed biogas plants by 2025, a pilot project for an integrated energy plantation, and expanded capacity in polyvinyl chloride (PVC), chlorinated PVC (CPVC), and specialty polyester by 2026–27.
In 2023, the company tapped offshore loan markets, raising over $8 billion through borrowings by the parent company and a subsidiary Reliance Jio Infocomm. Like the current deal, the round drew in 55 banks.
For the financial year ended 31 March 2025, Reliance reported record consolidated revenue of Rs.9,64,693 crore, a 7.1 percent year-on-year increase. This was supported by robust performance from its consumer and O2C segments. Net profit attributable to shareholders remained steady at Rs.69,648 crore.
Reliance is the first Indian corporate entity with a net worth exceeding Rs.10 trillion.