Ten more Banks set to join syndication for Reliance Industries

10 more banks have joined to give a loan of $ 3 billion to Reliance Industries Limited and Reliance Jio Infocomm. These banks are in discussion with Reliance Industries. If this deal happens then it will be the biggest syndicate term loan.

According to ET’s report, when the syndication with Reliance Industries is completed, at least a dozen banks will give this loan amount. ET’s sources told that all the banks are ready to give the loan and are only completing the formalities to give this loan. There is a strong demand among banks to join this syndication.

So far 15 banks are ready to give loans to Reliance Industries and their discussions are going on with Ambani’s company. In this, banks like Citibank, Bank of America, BNP Paribas, HSBC, Standard Chartered and State Bank of India have signed up for loans in dollar currency. After this, now 10 more banks Barclays, JP Morgan, ING Bank, Bank of India, Bank of Taiwan and Sumitomo Mitsui Trust Bank have joined.

It has been said in the report that out of the total loan of $ 3 billion, these banks have subscribed to $ 1.3 billion syndication loan during January. Now another subscription is being demanded, which will be of 1.5 billion dollars. Most of these Asian banks are expecting syndication for more than five years.

Reliance Industries can spend this loan amount for capital business and for the expansion of Jio 5G. It has been said in the report that this will be the largest loan amount given to any Indian corporate house for five years.