Reliance Industries Unit Secures Massive $500+ Million Offshore Loan for Growth

RIL's Unit Plans Over $500mn Offshore Loan

Mumbai, 20th May 2023: Reliance Industries Limited (RIL) is planning to raise over $500 million through an offshore loan for its unit Reliance Jio Infocomm Limited (RJIL), according to a report by Bloomberg.

Sources familiar with the matter told Bloomberg that RJIL has approached banks to arrange a one-year bridge loan. The funds will be used for general corporate purposes, including refinancing existing debt and funding capital expenditures.

The loan is expected to be launched in the next few weeks and is likely to attract interest from international banks. The report states that RJIL may consider extending the loan to two years depending on market conditions.

RIL is India's largest private sector company with a wide range of businesses, including oil and gas, petrochemicals, telecommunications, and retail. RJIL is India's leading telecom operator with over 400 million subscribers.

The offshore loan will add to RJIL's already substantial debt burden. As of March 31, 2023, RJIL had total debt of over Rs 1.6 lakh crore ($20 billion). However, the company has a strong track record of debt repayment and is expected to use the proceeds of the offshore loan to improve its financial flexibility.

The Indian telecom industry is facing intense competition, with operators offering low tariffs and attractive bundled packages to attract customers. RJIL has been investing heavily in its network and services to maintain its market leadership. The offshore loan will provide the company with additional resources to fund its growth plans.

The news of the offshore loan plan has had a positive impact on RJIL's bonds. The yield on the company's 2024 dollar bonds has fallen by 5 basis points to 5.25%, reflecting investor confidence in the company's financial strength.

Analysts expect RIL to continue to expand its presence in the telecom and digital services sectors. The offshore loan will provide the company with the financial firepower to execute its ambitious growth plans.

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