Press Trust of India |
New Delhi
May 21, 2012
Last Updated at 20:20 IST
RIL seeks $1 bn loan to fund expansion
RIL has approached banks for the five-year loan
Reliance Industries is seeking a loan of about $1 billion to fund its petrochemicals and telecom expansion.
RIL has approached banks for the five-year loan, sources privy to the development said.
A company spokesperson did not immediately offer any comment.
RIL has lined up a $12 billion expansion of its petrochemical business, the largest since completing its second oil refinery in 2008.
The company had earlier this month raised $2 billion as loan from German banks.
RIL is investing over $12 billion over next 4-5 years in the refining and petrochemical industries.
It is setting up an $4 billion petroleum coke gasification project that will produce synthetic natural gas that will replace expensive LNG as fuel.
Also, it is spending $8 billion on adding capacities of PFY, PET, polyester and intermediate chemicals such as PTA and paraxylene, besides adding new products such as carbon black and rubber.
