Reliance Industries Ltd.

Mukesh Ambani-led Reliance Industries (RIL) is in talks with four or five export credit agencies (ECA) to raise over $1 billion (Rs 6,220 crore) in the next four months. This development is in-line with company’s plan to raise $13 billion debt to fund expansion of its petrochemical production capacity and gasification project for its refining facilities to improve margins.

The company in the previous two years has raised over $10 billion of foreign currency financing for this purpose. While, half of amount is ECA backed financing, rest is from syndicated loans and foreign currency bonds. With the additional $1 billion, Reliance will have the largest number of ECA relationships globally.

RIL is an oil refining, petrochemicals and upstream (mainly natural gas at present) company. It has two highly complex refineries with combined capacity of 1.24 million barrels per day and domestic proved reserves of 660 million barrel of oil equivalent as at end-March 2013.