Article: India: RIL ropes in 17 banks for $1 bn loan.

Byline: sander03

Reliance Industries, the country's biggest company, hired 17 banks to arrange a $1 billion (Rs 4,300 crore) loan to fund expansion, according to a sale document sent to investors. The company will pay interest of 1.3 percentage points above the London interbank offered rate for the five-year loan, the document shows. Reliance plans to meet investors in Asia and the Middle East, the document shows.

The deal will add to more than $21 billion of syndicated loans borrowers in India have raised this year to buy assets, boost production, and refinance debt. India accounts for 23 per cent of the syndicated lending market in Asia outside of ...

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