Mukesh Ambani’s Reliance gets $2.9 bn in biggest India loan since 2023

Mukesh Ambani-owned Reliance Industries has obtained a dual-currency borrowing of $2.9 billion-equivalent, the largest offshore Indian loan in over a year, as per a report by Bloomberg.

About 55 lenders joined the facility, making it the largest bank group for a syndicated loan in Asia so far this year, people familiar with the matter told Bloomberg.

The interest shows lenders’ appetite for quality assets in a market starved for deals. Asia Pacific ex-Japan loan volumes hit a 20-year low so far in 2025, closing about $29 billion of deals denominated in US dollars, euros and yen — also known as G3 currencies, according to Bloomberg-compiled data.

“Reliance Industries’ loan is split into a $2.4 billion tranche and a ¥67.7 billion ($462 million) piece, the people told Bloomberg, adding that the facility agreement was signed on May 9.”

Bloomberg data shows that RIL has repayments worth about $2.9 billion, including interest payments, due in 2025.

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Reliance Industries is currently rated one notch above India’s sovereign grade, a rare instance of when a company’s creditworthiness is higher than the country it’s based in. The borrower is rated Baa2 by Moody’s Ratings and BBB by Fitch Ratings.

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