Reliance Industries unit takes $330 mln overseas loan

rilReliance Industries said its subsidiary Reliance Sibur Elastomers Pvt Ltd. has agreed to take a loan of $330 million, roughly equal to Rs 2193 crore, from overseas lenders.

“The Facility with door to door tenor of 10 years shall be utilized to part finance the Capital expenditure to setup India’s first butyl rubber manufacturing facilities at Jamnagar, Gujarat, India,” company said.

The loan obligations are guaranteed by RIL.

“This Facility is one of the longest tenor US$ loan to date in Asia (ex Japan), since RL’s 10 year Corporate loan for US$ 2,000 million in 2007,” the company said.

The lead arrangers for the loan were The Bank of Tokyo-Mitsubishi UFJ, Ltd., Crédit Agricole Corporate and Investment Bank, DBS Bank Ltd., State Bank of India and Sumitomo Mitsui Banking Corporation.