Reliance Industries, owned by billionaire Mukesh Ambani, has secured a dual-currency loan worth $2.9 billion, according to Bloomberg. This is the largest offshore loan raised by an Indian company in more than a year. The facility agreement was signed on May 9, 2025.
The loan is divided into two tranches: $2.4 billion in US dollars and 67.7 billion yen (approximately $462 million) in Japanese yen.
The deal involved approximately 55 banks, making it the largest bank group for a syndicated loan in Asia this year.
Reliance has credit ratings above India's sovereign grade
The conglomerate has credit ratings of Baa2 from Moody's and BBB from Fitch, which puts it one notch above India's sovereign credit rating of Baa3 from Moody's and BBB- from Fitch. Both Baa2 (Moody's) and BBB (Fitch) ratings indicate that the borrower is stable and capable of repaying debt, albeit not in the highest tier of credit quality.
India's offshore borrowing reaches $10.4 billion in 2025
This transaction has increased foreign currency loan volumes raised by Indian companies to $10.4 billion so far in 2025, the fastest year-to-date pace in at least a decade, according to Bloomberg data. While syndicated lending in the Asia-Pacific region (excluding Japan) has fallen to a two-decade low of $29 billion in G3 currencies (US dollars, euros, and yen), India has outperformed.
Reliance continues its investment push across core and new sectors
The latest borrowing comes as Reliance continues to increase investment across its various businesses. Mukesh Ambani laid out an ambitious roadmap during the company's annual general meeting (AGM) in August 2024, stating that the group aimed to break into the world's 30 most valuable companies, up from its current position in the top 50.
Ambani attributed this vision to the group's increased focus on deep technology and advanced manufacturing, in which Reliance has emerged as a technology producer in its own right. He also outlined ambitious plans for the company's 'New Energy' division, estimating that it will match the scale and profitability of Reliance's traditional oil-to-chemicals (O2C) business within five to seven years.
The company also committed to significant investments in biogas, plastics, and polyester production. These include the construction of 55 compressed biogas plants by 2025, a pilot project for an integrated energy plantation, and increased production capacity in polyvinyl chloride (PVC), chlorinated PVC (CPVC), and specialty polyester by 2026-27.
Reliance last raised $8 billion in offshore loans in 2023
Reliance had last used offshore loan markets in 2023, borrowing more than $8 billion through the parent company and subsidiary Reliance Jio Infocomm. That round, like the current one, included approximately 55 banks.
Reliance reported a 7.1% year-on-year increase in consolidated revenue to ₹9,64,693 crore for the fiscal year ending March 31, 2025. The company's consumer and O2C segments also performed well. The net profit for shareholders remained steady at ₹69,648 crore.
The company made history as the first in India to have a net worth over ₹10 trillion.
