"The participating banks include the Bank of Tokyo-Mitsubishi, Sumitomo Mitsui Banking Corporation, Mizuho Bank, and three regional Japanese banks namely The Gunma Bank, The Hachijuni Bank, and The Chiba Bank."
Mumbai, April 23 - Mukesh Ambani-led Reliance Industries Ltd - Wednesday said it has raised $550 million as loan from Japanese banks for part-funding expansion of its petrochemical plant and new gasification unit.

In continuation of the fund raising programme initiated in 2012-13, RIL has tied up Export Credit Agency - facility of up to USD 550 million co-financed by JBIC - and a group of other Japanese banks, the company said in a statement.

This is RIL's eighth ECA facility for the largest capital expenditure programme it has undertaken. This is the first time that JBIC is extending credit to RIL, it added.

The 12-year loan will part finance the proposed expansion of RIL's petrochemical plants and setting up of new gasification unit and refinery off-gas cracker over the next two-three years.

JBIC will provide direct financing of up to $330 million and Japanese banks, supported by a 95 percent Nippon Export and Investment Insurance - insurance cover, will finance up to $220 million.

The participating banks include the Bank of Tokyo-Mitsubishi, Sumitomo Mitsui Banking Corporation, Mizuho Bank, and three regional Japanese banks namely The Gunma Bank, The Hachijuni Bank, and The Chiba Bank.

The facility will have a door-to-door tenor of twelve years and will be used to finance contracts for imports of goods and services signed with more than 20 Japanese suppliers, RIL said.


comments powered by Disqus
Read more on:
 MUKESH AMBANI (43941 views)
 RELIANCE (31689 views)
 TOKYO (23046 views)
 INVESTMENT (5961 views)
 13 (4071 views)
 IMPORTS (3741 views)
 JAPA (3401 views)
 MUKESH (3201 views)
 RELIANCE INDUSTRIES (2841 views)
 NIPPON (2478 views)
 RELIANCE INDUSTRIES LTD (2371 views)
 550 (1451 views)
 

PERMALINK

http://www.nerve.in/news:2535002369089
You can quote the permanent link above for a direct link to the story. We do not archive or expire our news stories.


STORY OPTIONS
  Email this story to a friend
  XML feed for India


 
COPYRIGHTS INFORMATION
All rights reserved for news content. Reproduction, storage or redistribution of Nerve content and articles in any medium is strictly prohibited.
Contact Nerve Staff for any feedback, corrections and omissions in news stories.
 

All rights reserved for the news content. Reproduction, storage or redistribution of Nerve content and articles in any medium is strictly prohibited.