Reliance Industries Ltd. is in talks with lenders for a foreign-currency loan of up to $2 billion to fuel the ongoing expansion of its oil-to-telecoms business, according to people familiar with the matter.
The sprawling firm, controlled by Asia’s richest man Mukesh Ambani, plans to use India’s dedicated external commercial borrowing route to secure the loan, the people said, asking not to be identified because the discussions are private.
The facility may have a maturity period ranging between three to five years, one of the people said, and the proceeds will be used for capital expenditure and to refinance another loan that matures in September.
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