Reliance Industries Limited (RIL) and its subsidiary Jio Infocom recently closed a deal to raise USD 5 billion dollars through foreign currency loan.  

A syndicate of 55 international and Taiwanese banks, including Bank of America, HSBC, MUFG, Citi, SMBC and Credit Agricole, offered the loan at preferred terms. The USD 3 billion financing closed on March 31 and the add-on USD 2 billion following that was the largest loan in at least five years by an Indian corporate group. 

Eighteen banks have formed the current syndicate for the USD 2 billion add-on split equally between Reliance and Jio. The loan is being processed by ANZ and Bank of America as senior lead arrangers and also offers preferred terms for both US dollar and Japanese Yen portions. 

The collective fundraising of USD 5 billion achieved by Reliance and Jio represents the company’s deep banking relationships and their broad appeal as one of India’s most preferred credits in the market.