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Industrial Products India, Industrial Manufacturers & Suppliers
 




 
   
 
 
 

Reliance Industries raises $1 bn...

Reliance Industries raises $1 bn loan amid volatile market


Reliance Industries (RIL) has struck a deal to raise yet another $1 billion loan from the international market at a time when several firms have shelved their borrowing plans amidst uncertainty in the global market.
Besides, the company is in talks with US Exim bank to part fund its $12 billion Jamnagar phase -III expansion project. "Our credit ratings are good and the bankers have faith in us. Weather volatility or uncertainty, it doesn't affect our fund raising plans.
This loan will be used to retire a part of the existing debt," said a company official on the condition of anonymity confirming that the billion dollar deal would be signed on Thursday.
Interestingly, RIL not only managed to secure 5-year billion dollar term loan, but the syndicated facility had backing of 30 international banks. The loan was raised at 150-175 basis points above libor.
With this deal, RIL would have raised $3.5 billion (Rs 15,750 crore) of debt from the international markets in the last one year. RIL had debt of $15 billion against cash reserves of $10 billion as on June 30.
"RIL is in talks with us for funding a part of Jamnagar Phase-III expansion project. The funding will depend upon the equipments and services it sources from US firms," Fred Hochberg, chairman and president, US Exim Bank told TOI.
The company will get addition cash infusion of $7.2 billion by selling 30% stake in its 21 oil blocks to BP. "RIL has got government approval for its transformational deal with BP. RIL & BP will work together to conclude the deal expeditiously ," said RIL in a statement on Tuesday.

Shares of RIL on Tuesday closed down 2% at Rs 765 after touching its 52-week low of Rs 754 in a weak Mumbai market.

 
     
 
   
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