Oil & Gas Industry RIL Raises 2 Billion Dollar Loan Backed by Euler Hermes
Reliance Industries Limited has signed a US $ 2 billion equivalent loan with nine banks covered by Euler Hermes Deutschland (“Euler Hermes”) on 07 May 2012 in Berlin, Germany.
Mubai/India – The loan will be primarily used to finance goods and services procured from German suppliers as part of RIL's petrochemicals expansion projects at Jamnagar, Hazira, Silvassa and Dahej in India.
V. Srikanth, Joint Chief Financial Officer of RIL, commented “We are delighted with the support provided by Euler Hermes for this landmark financing. This deal received strong support from international banks, particularly from German lending institutions. The better than sovereign assessment by Euler Hermes is a strong testimony of RIL’s credit standing in the international markets."