/cloudfront-us-east-2.images.arcpublishing.com/reuters/NOBQHWJMMNO3TMPOX2KAHFTVIA.jpg "Bloomberg reports that India’s Reliance plans to raise up to billion to fund the expansion")
BENGALURU, June 15 (Reuters) – India’s Reliance Industries (RELI.NS) is in talks with foreign currency lenders to raise up to $2 billion to fund the expansion of its oil-to-telecoms conglomerate, Bloomberg reported News on Thursday. citing sources.
Reliance, led by billionaire Mukesh Ambani, plans to use India’s special external commercial borrowing route to secure the loan, the report said called.
The facility can have a term of three to five years and a portion of the proceeds will also be used to refinance a loan that matures in September, Bloomberg added.
Bank of America (BAC.N), Citigroup (CN) and Standard Chartered (STAN.L) are among the lenders involved in the loan talks, Bloomberg reported.
Reliance and the banks did not immediately respond to Reuters requests for comment.
Reliance announced in August last year that it would invest 750 billion rupees ($9.12 billion) over five years to expand its oil and chemicals businesses.
Among other things, the conglomerate has ramped up its 5G services in the country, boosted its streaming platform JioCinema with new content deals, offered free cricket tournaments on its platform after spending billions buying rights and investing in green energy projects. ($1 = 82.2362 Indian rupees)
Reporting by Hritam Mukherjee and Meenakshi Maidas in Bengaluru; Edited by Savio D’Souza
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