Mukesh Ambani-led Reliance Industries is in talks with foreign exchange lenders to raise up to $2 billion in funds for the expansion of the oil-to-telecom firm, a report said on Thursday.
Reliance plans to use India’s dedicated external commercial lending route to secure loans, Bloomberg reported, citing sources.
The facility can last between three and five years and a portion of the money will also be used for refinance of loans that mature in September, the report said.
Bank of America, Citigroup and Standard Chartered are among the lenders involved in the loan talks, the report added.
Reliance had said in August last year that it plans to invest Rs 75,000 crore over five years to expand oil in the chemical business.
Among other moves, the conglomerate is expanding its 5G services in the country, bolstering its streaming platform, JioCinema, with new content deals, offering free cricket tournaments on its platform after spending billions to buy rights and investing in green energy projects.
