Reliance Industries secures US$2.9B dual-currency loan in landmark offshore financing deal 

INDIA – Reliance Industries Limited (RIL) has secured a dual-currency offshore loan worth US$2.9 billion, making it the largest such deal by an Indian company in over a year.  

The transaction, signed last week, involves participation from 55 banks, forming the largest syndicate for an Asian loan so far in 2025, according to a report by Bloomberg. 

The financing is structured in two parts: a US$2.4 billion tranche denominated in US dollars and a second tranche of 67.7 billion Japanese yen, equivalent to approximately US$462 million.  

This deal marks RIL’s first overseas loan since 2023, when the conglomerate, along with its telecom unit Reliance Jio Infocomm Ltd., raised over US$8 billion from a similarly large group of lenders. 

With this transaction, the total offshore loan volume raised by Indian companies in 2025 has reached US$10.4 billion, representing the fastest start to the year in at least a decade. 

Despite broader market challenges, India has stood out in the Asia Pacific region (excluding Japan), where G3 currency loan volumes have plunged to a 20-year low of US$29 billion. 

Reliance holds a strong credit standing with a rare rating above India’s sovereign credit. It is rated Baa2 by Moody’s and BBB by Fitch, underlining its appeal to global lenders seeking high-quality assets amid limited major deals in the market. 

In its recent fourth-quarter earnings, Reliance reported a net debt of Rs 1,17,000 crore, following capital expenditure of Rs 1,13,100 crore in FY25.  

Chief Financial Officer V. Srikanth described the company’s financial position as healthy, noting that cash profits continued to cover investment levels. 

For the March quarter, consolidated EBITDA rose 3% year-on-year to Rs 43,800 crore (US$5.1B), while net profit grew 2% to Rs 19,400 crore (US$2.27B).  

Key growth drivers included Digital Services, led by Jio, with EBITDA up 18% to Rs 17,300 crore (US$2.02M), and Retail, which recorded a 15% rise to Rs 6,500 crore (US$759.3M). 

The latest fundraising effort aligns with Reliance’s aggressive investment strategy across its business segments.  

At the 2024 annual general meeting, Chairman Mukesh Ambani unveiled plans to elevate Reliance from one of the world’s top 50 most valuable companies to the top 30. This strategy includes expanded focus on advanced technology, manufacturing, and clean energy. 

Significant investments are planned in biogas, plastics, and polyester, including the construction of 55 compressed biogas plants by 2025 and a pilot for integrated energy farming. Capacity expansions for PVC, CPVC, and specialty polyester are scheduled through 2026–27. 

Sign up HERE to receive our email newsletters with the latest news and insights from Africa and around the world, and follow us on our WhatsApp channel for updates.