Reliance Industries mulls $1.8 billion bond sale

2 Nov 2023 , 11:15 AM

According to insiders, Indian entrepreneur Mukesh Ambani’s Reliance Industries Ltd. is considering selling local-currency bonds to raise up to 150 billion rupees ($1.8 billion).

According to sources, if the purchase goes through, it will be Reliance’s largest rupee sale ever. According to the figures, it would also be the conglomerate’s first domestic bond since 2020.

Reliance Industries is India’s largest publicly traded firm, with interests ranging from petrochemical refining to wireless communication services and consumer products. It is fast growing into 5G and entering new markets such as renewable energy and financial services.

Reliance started a new round of financing as a result of its move into consumer-facing companies. This year, its retail division sold a share to Qatar Investment Authority and received funding from KKR & Co.

While borrowing costs in India have risen in parallel with global interest rate rises over the last two years, Reliance Industries has an AAA credit rating from India’s Crisil Ratings. 

At around 11.11 AM, Reliance Industries was trading 0.62% higher at Rs 2,311.75 per piece, against the previous close of Rs 2,297.40 on NSE. 

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