Reliance will take a loan of three billion dollars!
Mukesh Ambani-led reliance Industries is going to take a loan of three billion dollars from 11 big banks of the world. reliance Industries will take this loan in two currencies, dollar and yen. This loan deal for five years was finalized last month at 120 basis points above the three-month secured financing overnight rate. Out of this, a loan of 450 million dollars has been decided to be given in the Japanese currency Yen. According to a report by Economic Times, this is the biggest loan deal of reliance Industries in the last two years. In terms of income, this largest corporation of the country has finalized the deal with a consortium of 11 banks for this five-year loan.
Preparations are being made to repay the loan installment of 2025
reliance, a giant company from oil to telecom sector, is also preparing to repay a part of this loan in 2025. reliance has already used the 700 million dollar fund and is going to take more funds as per the requirement in the next quarter. According to the Economic Times report, the SOFR report of the loan was around 4.8 percent till mid-December. After adding 120 points to it, the loan in dollars will be at the rate of six percent. The rate of the loan in Yen will be 75 basis points above the Japanese benchmark three-month tokyo Interbank Offer Rate. This loan deal was finalized last month.
Loan taken to increase financial flexibility
reliance has taken this loan to increase its financial flexibility. reliance, one of India's companies with the strongest credit, can join the loan giving consortium along with 11 banks to meet the loan needs and increase the risk capacity.