Reliance Industries Ltd., led by Indian magnate Mukesh Ambani, is reportedly exploring the possibility of securing up to 150 billion rupees (equivalent to $1.8 billion) through the sale of a local currency bond, according to individuals with knowledge of the development who requested anonymity owing to its confidential nature.
As per the Bloomberg report, if this deal is accomplished, it would mark Reliance's largest-ever rupee bond sale, based on data compiled by the news agency. It would signify the conglomerate's first domestic bond issuance since 2020.
Reliance Industries, India's top company by market value, holds a stellar credit score of AAA, from Crisil Ratings, S&P Global's Indian affiliate. The conglomerate's operations span a diverse spectrum, encompassing petrochemical refining, wireless communication services, and the production of consumer goods.
The company is rapidly expanding its existing ventures like 5G services and exploring new areas, such as green energy and financial services.
Reliance's subsidiary, RJIL (Reliance Jio Infocomm Limited), made a big announcement last month during the inauguration of the India Mobile Congress 2023 held in New Delhi. They unveiled Jio SpaceFiber, a first-ever satellite-based GigaFiber service, with the goal of extending high-speed broadband services to previously underserved areas of the country, to effectively bridge the digital connectivity gap.
The shares of the company were trading in green territory during the early market session with minor gains, on both NSE (National Stock Exchange) and BSE (Bombay Stock Exchange).