Reliance Industries plan to raise $1.5bn via overseas loans

MUMBAI: Indian energy major Reliance Industries is in talks with banks to raise as much as $1.5 billion in dollar-denominated loans said in a Bloomberg report on Saturday citing two people familiar with the development.

The company plans to borrow $1.1 billion in five-year loans to replace debt maturing in about two years that has higher interest costs and may obtain another $400 million of new loans, the report said.

Reliance which has $14.2 billion of debt outstanding maturing through 2097, has not decided the lead arrangers and the banks for the debt syndicate.

Copyright Reuters, 2011