India’s Reliance Industries is in talks with foreign currency lenders to raise up to $2 billion to finance the expansion of its oil-telecom conglomerate, reported Thursday, citing sources. Reliance, led by billionaire Mukesh Ambani, plans to use India’s dedicated external commercial loan to secure the loan, the report said.
The facility may have a maturity of three to five years, and a portion of the proceeds will also be used to refinance the loan, which matures in September, the report added.
Bank of America, Citigroup and Standard Chartered are among the lenders involved in loan discussions. Reliance said in August last year that it planned to invest 750 billion rupees ($9.12 billion) over 5 years to expand its oil business into the chemical industry.
Among other things, the conglomerate is expanding its 5G services in the country, boosting its JioCinema streaming platform with new content offerings, offering free cricket tournaments on its platform after spending billions to buy rights and investing in green energy projects.
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