Reliance Industries to Raise $3 Billion for Debt Refinancing

In a bid to refinance the existing debt, Reliance Industries is in talks with banks to secure a loan of $3 billion, Bloomberg reported. As per the sources, the business conglomerate is in talks with close to around six banks, through which the loan amount will be disbursed in the next quarter of the year. The loan is set to mature next year.

While exact terms of the loan are yet to be finalised, Reliance currently owes $2.9 billion in debt (including interest) in the coming year, Bloomberg data quoted.

Currently, Reliance Industries is one of the most valued companies in India with a market cap of ₹17.43 lakhs crore. Last week, the Mukesh Ambani-led company saw a surge in its market capitalisation by ₹2 lakh crore.

Reliance Industries stood out among the peers with a rating of Baa2 from Moody's. While reaffirming the rating, the agency noted the company's ‘solid’ credit metrics despite capital spending.