Reliance Industries (RIL) has secured a dual-currency loan worth $2.9 billion, according to sources. It is the largest offshore loan raised by an Indian company in over a year.
The loan agreement was signed last week and will see participation of 55 banks, making it the largest bank group for a syndicated loan in Asia so far this year.
The loan is split into two parts: a $2.4-billion tranche in US dollars and a second tranche in Japanese yen valued at 67.7 billion yen ($462 million).
This transaction has pushed foreign currency loan volumes raised by Indian companies to around $10.4 billion so far in 2025 — the quickest year-to-date pace in at least a decade, Bloomberg data showed.
While syndicated lending in the broader Asia-Pacific region (excluding Japan) has slumped to a two-decade low of $29 billion in G3 currencies—US dollars, euros and yen—India has stood out.
The latest borrowing comes as the Mukesh Ambani-helmed company continues to ramp up investment across its diverse businesses. In his address at RIL’s annual general meeting (AGM) in August 2024, Ambani had 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.
Ambani pointed to the group’s increasing focus on deep technology and advanced manufacturing—which necessitated increased investments. He also outlined new plans for the company’s ‘new energy’ division, projecting it to match the scale and profitability of Reliance’s traditional oil-to-chemicals (O2C) business within five to seven years.
The group also committed to 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.
RIL has repayments worth about $2.9 billion, including interest payments, due in 2025, Bloomberg data show.