RIL seeks $1 bn loan to fund expansion

RIL has approached banks for the five-year loan,sources privy to the development said.

Reliance Industries is seeking a loan of about USD 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 USD 12 billion expansion of its petrochemical business,the largest since completing its second oil refinery in 2008.

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The company had earlier this month raised USD 2 billion as loan from German banks.

RIL is investing over USD 12 billion over next 4-5 years in the refining and petrochemical industries.

It is setting up an USD 4 billion petroleum coke gasification project that will produce synthetic natural gas that will replace expensive LNG as fuel.

Also,it is spending USD 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.

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