In a significant financial move, Mukesh Ambani-led Reliance Industries has successfully secured a $2.9 billion (approximately ₹24,100 crore) equivalent offshore loan. This marks the largest such borrowing by an Indian company in over a year, underscoring the strong international lender confidence in the conglomerate despite a general slowdown in deal activity across the Asia-Pacific region.
The dual-currency loan facility, finalized on May 9, 2025, is structured into two tranches. The first tranche amounts to $2.4 billion in US dollars, while the second is valued at 67.7 billion Japanese yen, which is approximately $462 million. The agreement witnessed participation from around 55 banks, forming the largest syndicate of lenders for any loan in Asia so far this year. This robust interest from a wide array of financial institutions highlights the appetite for quality assets in a market that has seen a dip in overall deal volumes.
According to reports, the total volume of offshore loans in G3 currencies (US dollars, euros, and yen) in the Asia Pacific region, excluding Japan, has reached a 20-year low in 2025, totaling only about $29 billion. Against this backdrop, Reliance’s successful acquisition of this substantial loan stands out, indicating the company’s strong creditworthiness and its pivotal role in the global financial ecosystem.
This borrowing marks Reliance’s return to the offshore loan market since 2023, when it had raised over $8 billion. That previous instance of borrowing, which involved both the parent company and its telecom arm, Reliance Jio Infocomm Ltd., also attracted a similar number of lenders.
Reliance Industries currently holds a credit rating of Baa2 from Moody’s and BBB from Fitch, which is notably one notch above India’s sovereign rating. This rare distinction signifies the company’s strong financial standing and its perceived lower risk compared to the country in which it operates.
The funds raised through this loan are expected to further fuel Reliance’s ongoing expansion across its diverse business sectors, including telecommunications, retail, and its ambitious foray into green energy. At the company’s annual general meeting in August 2024, Chairman Mukesh Ambani outlined a vision to propel Reliance into the top 30 most valuable companies globally, driven by a greater emphasis on advanced technology and manufacturing. The group has also committed to significant investments in areas such as biogas, plastics, and polyester production, including the establishment of 55 compressed biogas plants by 2025.
This significant financial maneuver by Reliance not only reflects its robust financial health and future growth prospects but also underscores India’s growing prominence as a destination for foreign investment, even amidst global economic fluctuations. The successful closure of this deal is a testament to the enduring appeal of strong Indian corporates in the international financial markets.