Mukesh Ambani’s Reliance Secures $2.9 Billion Loan – Largest Offshore Deal By An Indian Firm Since 2023
Reliance Raises 2.9 Billion From 55 Global Banks
Reliance Industries chairman Mukesh Ambani has secured a dual-currency borrowing of $2.9 billion-equivalent, a Bloomberg report said. This stands as the largest offshore loan raised by an Indian company in over a year. The agreement was signed on May 9.
The loan has been divided into two parts: $2.4 billion tranche in US dollars and a 67.7 billion yen (approximately $462 million) tranche in Japanese yen.
About 55 banks have joined the syndicated loan facility for Reliance Industries, making it the largest such bank group assembled in Asia so far in 2025, according to sources who requested anonymity due to the private nature of the deal.
The strong participation reflects lenders’ hunger for high-quality assets in a region grappling with a slump in deal activity. Loan volumes across Asia Pacific (excluding Japan) have dropped to a two-decade low this year, with just $29 billion raised through deals denominated in G3 currencies – US dollars, euros, and yen – according to Bloomberg data.
India has stood out as a rare growth story in the region, with foreign currency loans to Indian firms spiking, largely fuelled by Reliance’s massive borrowing. With this deal factored in, India’s G3 loan volume has climbed to $10.4 billion so far this year, the fastest start in at least a decade.
Reliance Industries enjoys an unusually high credit profile, rated one notch above India’s sovereign rating. The company holds a Baa2 rating from Moody’s and a BBB rating from Fitch, a rare case where a firm is seen as more creditworthy than the country it operates in.
