Reliance Industries, which is owned by billionaire Mukesh Ambani, is negotiating with banks for a loan of up to $3 billion to restructure debt that comes due next year.

The Indian conglomerate is in talks with about six banks about the loan, which would be syndicated to a larger market in the first quarter of 2025. Terms are still being finalized and may alter.

According to figures, Reliance Industries owes about $2.9 billion in debt, including interest payments, that are due in 2025. A request for comment was not immediately answered by a group representative.

If the loan is approved, it will be Reliance Industries' first foray back into the offshore market since the company raised more than $8 billion in loans in 2023. According to data collated by Bloomberg, those facilities, which were for the parent and subsidiary Reliance Jio Infocomm Ltd., attracted roughly 55 lenders overall as banks sought to participate in sales of premium credits.

The fresh loan comes as the Indian rupee continues to decline due to withdrawals from local stocks, which caused it to fall to a record low versus the dollar last month.

In a rare situation where a company's creditworthiness surpasses that of the nation in which it is headquartered, Reliance Industries is currently rated one notch above India's sovereign grade.