Reliance turns to ECA-backed financing

The Indian oil-to-retail conglomerate aims to diversify funding and extend tenors, shifting Reliance towards cheaper ECA-backed financing.
Mukesh Ambani, chairman of Reliance, which is negotiating deals with six export credit agencies around the world
Mukesh Ambani, chairman of Reliance, which is negotiating deals with six export credit agencies around the world

Billionaire Mukesh Ambani’s Reliance Industries is an active borrower in the bond and syndicated loan markets, but it is increasingly taking advantage of export credit agency ECA-backed financing as a way to diversify its funding sources.

Vineyesh Sawhney, senior vice president of finance at Reliance, told FinanceAsia that the company is dealing with an additional six ECAs in Asia, North America and a number of countries in Europe, having already closed deals with six other agencies during the past two years. “We think these facilities will close in first half of 2014. By then, we will probably be the company with the most number of active ECA...

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