Mukesh Ambani-led Reliance Industries raise loans from 11 banks in dual-currency loan deal, it's worth Rs...

Reliance Industries Limited, led by billionaire and industrialist Mukesh Ambani, has raised Rs 3 billion dollars (approximately Rs 300 crores) from a consortium of 11 banks, as reported by The Economic Times. 

Notably, this has marked the firm's largest loan deal in nearly past two years, said the report. This five-year loan was finalised last month at 120 basis points above the three-month Secured Overnight Financing Rate (SOFR)- a standard interest rate for dollar-denominated derivatives and loans. 

The industry giant is gearing up to plan for significant loan repayments scheduled for 2025. A source told the outlet that  the company has already used $700 million from the loan and plans to access more funds in the current quarter as required.

Key partners in the loan 

As per the report, key partners in loan include - Bank of America, which hold the largest share amounting to Rs 343 million dollars; DBS Bank and HSBC, holding Rs 300 million dollars each; Japan’s MUFG (Rs 280 million dollars); and India’s State Bank of India (Rs 275 million dollars). 

Moreover, Japanese lenders Standard Chartered, Mizuho Bank, and SMBC have contributed Rs 250 million dollars to the loan. First Abu Dhabi Bank, Citibank, and Credit Agricole CIB have each contributed Rs 241 million dollars.