Reliance gets $2.9 bn in biggest India loan since 2023

Billionaire Mukesh Ambani-owned Reliance Industries has obtained a dual-currency borrowing of $2.9 billion-equivalent, according to people familiar with the matter, the largest offshore Indian loan in over a year.

About 55 lenders joined the facility, the people said, who asked not to be identified discussing private matters, in what is the largest bank group for a syndicated loan in Asia so far this year.

The interest shows lenders’ appetite for quality assets in a market starved for deals. Asia Pacific ex-Japan loan volumes hit a 20-year low so far in 2025, closing about $29 billion of deals denominated in US dollars, euros and yen — also known as G3 currencies, according to Bloomberg-compiled data.

India, however, has emerged as a bright spot for growth with foreign currency loans to Indian companies surging, largely thanks to Reliance Industries’ large borrowing. Factoring in this deal, volume is set to touch $10.4 billion year-to-date, the fastest pace in at least a decade, Bloomberg-compiled data show.

Reliance Industries’ loan is split into a $2.4 billion tranche and a ¥67.7 billion ($462 million) piece, the people said, adding that the facility agreement was signed on May 9. Reliance didn’t immediately respond to a request for comment.

Prior to this deal, Reliance Industries hadn’t tapped the offshore market since 2023, when the group raised over $8 billion in loans, a record for an Indian borrower then. Those facilities, which were for the parent and subsidiary Reliance Jio Infocomm Ltd., also drew about 55 lenders in total as banks looked to join deals of top-tier credits, according to Bloomberg-compiled data.

Reliance Industries is currently rated one notch above India’s sovereign grade, a rare instance of when a company’s creditworthiness is higher than the country it’s based in. The borrower is rated Baa2 by Moody’s Ratings and BBB by Fitch Ratings.

— With assistance from Baiju Kalesh and Sanjai P R

Published on May 15, 2025

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