Reliance Industries (RIL) has signed a $ 2 billion equivalent loan with nine banks covered by Euler Hermes Deutschland AG. (Euler Hermes) on May 7 at Berlin, Germany.
The loan will be primarily used to finance goods and services procured from German suppliers as part of RIL's petrochemicals expansion projects at Jamnagar, Hazira, Silvassa and Dahej in India.
The facility is among the largest underwriting by Euler Hermes in recent years, says a company release. The facility has a door-to-door maturity of 13 years.
According to V. Srikanth, Joint Chief Financial Officer of RIL,the deal received strong support from international banks, particularly from German lending institutions. KfW IPEX-Bank GmbH arranged the Euler Hermes cover and nine banks including Citibank N.A., Commerzbank AG, DZ Bank AG. BHF-Bank AG, ING Bank, (a branch of ING-DiBa AG) and Banco Santander, S.A., participated in the funding of the facility.
