RIL raises $550 million from Japanese banks
Quotes

RIL raises $550 million from Japanese banks

Last Updated: Wednesday, April 23, 2014, 13:45
 
 Comment 0
 
RIL raises $550 million from Japanese banks
New Delhi: Reliance Industries Ltd (RIL) on Wednesday said it has raised USD 550 million loan for part-funding expansion of its petrochemical plant and new gasification unit from Japanese banks.

"In continuation of the fund raising programme initiated in 2012-13, RIL has tied up Export Credit Agency (ECA) facility of up to USD 550 million co-financed by JBIC (Japan International Bank for Cooperation) and a group of other Japanese banks backed by NEXI," the company said in a statement.

The 12-year loan will part finance the proposed expansion of RIL's petrochemical plants and setting up of new gasification unit and refinery off-gas cracker over the next 2-3 years.

"This is RIL's eighth ECA facility for the largest capital expenditure programme it has undertaken," it said.

This is the first time that JBIC is extending credit to RIL.

JBIC will provide direct financing of up to USD 330 million and Japanese banks, supported by a 95 percent Nippon Export and Investment Insurance (NEXI) insurance cover, will finance up to USD 220 million.

The participating banks include The Bank of Tokyo-Mitsubishi, Sumitomo Mitsui Banking Corporation, Mizuho Bank, and three regional Japanese banks namely The Gunma Bank, The Hachijuni Bank, and The Chiba Bank.

The facility will have a door-to-door tenor of twelve years and will be used to finance contracts for imports of goods and services signed with more than 20 Japanese suppliers.



PTI

First Published: Wednesday, April 23, 2014, 13:42


Comments


comments powered by Disqus
Forbes Best Places for Biz 2014
Forbes Best Places for Biz 2014
Hyundai Elite i20
Hyundai Elite i20
John Kery with Indian Biz Honchos
John Kery with Indian Biz Honchos
Honda Mobilio MPV
Honda Mobilio MPV
Tata Zest first drive review: In pics
Tata Zest first drive review: In pics

Web Wrap
Contact Us : Privacy Policy : Legal Disclaimer
Copyright © Zee Media Corporation Ltd. All rights reserved