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 2-3 years.
Reliance Industries Ltd (RIL) Wednesday said it has raised USD 550 million loan for part-funding expansion of its petrochemical plant and new gasification unit from Japanese banks.
"In continuation of the fund raising programme initiated in 2012-13, RIL has tied up Export Credit Agency (ECA) facility of up to USD 550 million co-financed by JBIC (Japan International Bank for Cooperation) and a group of other Japanese banks backed by NEXI," the company said in a statement.
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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 2-3 years.
"This is RIL's eighth ECA facility for the largest capital expenditure programme it has undertaken," it said.
This is the first time that JBIC is extending credit to RIL.
JBIC will provide direct financing of up to USD 330 million and Japanese banks, supported by a 95 percent Nippon Export and Investment Insurance (NEXI) insurance cover, will finance up to USD 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.
Reliance stock price
On April 23, 2014, Reliance Industries closed at Rs 966.85, down Rs 1.5, or 0.15 percent. The 52-week high of the share was Rs 988.90 and the 52-week low was Rs 765.00.
The company's trailing 12-month (TTM) EPS was at Rs 68.01 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 14.22. The latest book value of the company is Rs 556.88 per share. At current value, the price-to-book value of the company is 1.74.
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