Reliance secures $2.9 bn dual-currency loan, largest offshore Indian deal in over a year

Reliance Industries has secured a $2.9 billion-equivalent dual-currency loan, marking the largest offshore Indian loan in over a year, according to a Bloomberg report.

The loan, which attracted 55 lenders, is the largest syndicated loan bank group in Asia this year, which shows strong lender interest in high-quality assets amid a deal-scarce market.

The facility, signed on May 9, comprises a $2.4 billion tranche and a ¥67.7 billion ($462 million) portion, reported Bloomberg.

Despite a 20-year low in Asia Pacific (excluding Japan) loan volumes, totaling $29 billion in G3 currencies (US dollars, euros, and yen) in 2025, India stands out as a growth hub.

Foreign currency loans to Indian firms, driven by Reliance’s borrowing, are projected to reach $10.4 billion year-to-date, the fastest pace in a decade, per Bloomberg-compiled data.

Reliance last tapped the offshore market in 2023, raising over $8 billion, a record for an Indian borrower at the time.

The company’s credit rating, Baa2 by Moody’s and BBB by Fitch, is notably one notch above India’s sovereign grade.

Billionaire Mukesh Ambani, chairman of Reliance Industries, met US President Donald Trump and Qatar’s Emir Sheikh Tamim bin Hamad Al-Thani in Doha on Wednesday.

He attended a state dinner for Trump at the Lusail Palace, joined by a London-based Indian business leader close to both the Trump and Qatar administrations.

Ambani did not plan to hold any business or investment discussions during the meeting, Reuters reported, citing people aware of the matter.

Qatar’s sovereign wealth fund has invested in Reliance businesses over the years, and Ambani maintains partnerships with US tech giants like Google and Meta.