Reliance plans to use India's dedicated external commercial borrowing route to secure the loan, Bloomberg reported citing sources Mukesh Ambani-led Reliance Industries is in talks with foreign-currency loan lenders to raise up to $2 billion to fund the expansion of its oil-to-telecom conglomerate, said a report on Thursday.
Reliance plans to use India's dedicated external commercial borrowing route to secure the loan, Bloomberg reported citing sources.
The facility may have a maturity period of three to five years and part of the proceeds will also be used to refinance a loan that matures in September, the report said.
Bank of America, Citigroup and Standard Chartered are among the lenders involved in the loan discussions, added the report.
Reliance had said in August last year that it plans to invest Rs 75,000 crore over 5 years to expand its oil to chemical business.
Among other moves, the conglomerate has been expanding its 5G services in the country, bolstering its streaming platform, JioCinema, with new content deals, offering cricket tournaments for free at its platform after spending billions to buy rights and making investments in green energy projects.
With inputs from Reuters