India's Reliance Industries raises $2bn to fund plant expansions

10 May 2012 03:18  [Source: ICIS news]

SINGAPORE (ICIS)--India’s Reliance Industries has raised a $2bn (€1.54bn) loan from nine German banks to finance its petrochemical expansion projects in India, the company said late on Wednesday.

The facility is backed by German credit insurance provider Euler Hermes SA, the company said in a statement.

“The loan will be primarily used to finance goods and services procured from German suppliers as part of Reliance Industries’ petrochemicals expansion projects at Jamnagar, Hazira, Silvassa and Dahej in India,” it said.

This deal will help diversify the firm’s funding sources and extends the maturity profile of its long term debt in a cost effective manner, the company added.

($1 = €0.77)

By: Nurluqman Suratman

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