Reliance Industries Raises $2.9B Offshore Loan in Asia’s Biggest 2025 Deal

Reliance Industries Ltd. has raised a dual-currency offshore loan worth $2.9 billion-equivalent, marking the largest such borrowing by an Indian company in over a year, according to individuals familiar with the transaction.

The syndicated loan, finalized on May 9, attracted participation from 55 financial institutions, making it the largest bank consortium involved in an Asian syndicated facility in 2025 to date.

The borrowing comprises two parts: a $2.4 billion tranche and a ¥67.7 billion segment, which equates to roughly $462 million. The structure underscores continued demand among global lenders for high-grade Indian corporate assets, despite limited deal flow in the broader Asia-Pacific lending market.

So far this year, loan activity in Asia Pacific, excluding Japan, has reached historic lows, with only $29 billion raised in G3 currencies — US dollars, euros, and yen — according to data compiled by Bloomberg.

Reliance Industries’ ability to attract robust interest comes amid tightening international credit conditions and subdued regional loan volumes, highlighting the conglomerate’s strong balance sheet and global credibility.

The company, led by Mukesh Ambani, holds a credit rating of Baa2 from Moody’s Ratings and BBB from Fitch Ratings — one level above India’s sovereign rating, an uncommon scenario in emerging markets.

Reliance faces repayment obligations amounting to approximately $2.9 billion, including interest, within the calendar year 2025, as per Bloomberg’s financial data.