Reliance Industries is reportedly in talks to secure a massive loan of up to $2 billion (₹16,395.10 crore) from foreign lenders to supercharge the Mukesh Ambani-led conglomerate’s expansion plans.

What Happened? The Mumbai-based firm plans to use India’s dedicated external commercial borrowing channel to raise the loan, sources told Bloomberg.

The sources added that the debt is likely to mature between three to five years and will be used as capital expenditure and to refinance another loan maturing in September.

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Bank of America Corp, Citigroup Inc and Standard Chartered Plc are said to be involved in the talks, one source told the business publication.

India’s largest company had said in August last year that it plans to invest 75,000 crore over five years to expand its oil-to-telecom business. It has so far done so through hefty borrowings after the company hit zero net debt levels in 2020.

The conglomerate has been expanding its business on multiple fronts, expanding Reliance Jio’s 5G coverage, inking new content deals for streaming service JioCinema, streaming cricket matches for free and injecting funds into green energy projects.

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