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Our Bureau

Mumbai , Sept. 21

RELIANCE Industries Ltd is raising an overseas syndicated loan of $500 million (around Rs 2,296.5 crore) to retire its costly domestic debt.

Confirming the development, a company official said the deal was getting signed today with a consortium of foreign banks. However, details of the loan such as the coupon and the tenure would be released only later, he said.

Some of the banks that form the loan syndicate for Reliance include Caylon, investment banking arm of Credit Agricole SA, Standard Chartered plc, DBS Group Holdings Ltd, Mizuho Holdings Inc and Bank of Tokyo Mitsubishi Ltd.

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