Reliance Industries (RIL) is seeking to raise around $1.1 billion in debt, The Hindu Business Line reports. The five-year loan will be used by the Indian energy-to-retail conglomerate to refinance its existing higher interest rate debt.
RIL had outstanding debt of $15.1 billion as of March 31, 2011, as against $13.9 billion a year ago. The banks appointed for the debt issue include State Bank of India, Bank of America, Standard Chartered, HSBC Holdings, Barclays, BNP Paribas, Citigroup and Bank of Tokyo-Mitsubishi UFJ Canada.
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