Reliance Industries plans to raise $2 billion for Jio, petroleum business

Mumbai: Reliance Industries (RIL) is planning to raise as much as $2 billion (₹14,370 crore) via overseas syndicated loans to fund routine capital expenditure in telecommunications and petroleum businesses. This would be among the largest fundraising efforts by an Indian company in fiscal 2020.

RIL is in talks with at least a dozen banks including Barclays, Citigroup, JP Morgan, Morgan Stanley and MUFG and plans to launch the formal process to raise funds by mid-February, multiple people with knowledge of the matter told ET. The money could be raised in one or two tranches.