ERJ staff report (PR)
Mumbai, India – Reliance Industries Ltd (RIL) has secured a $550m (€400m) credit deal with a group of Japanese banks and finance agencies to help expand its oil refining and petrochemical facilities in India.
The Japan Bank for International Cooperation (JBIC) agreed a $330m (€238m) export credit line with RIL for procurement of goods and services from Japanese companies.
The deal has been co-financed up to $220m (€158.6m) by a group comprising the Bank of Tokyo-Mitsubishi UFJ, Ltd, Sumitomo Mitsui Banking Corp., Mizuho Bank Ltd, Gunma Bank, Ltd, Hachijuni Bank Ltd and Chiba Bank Ltd.
The expansion programme covers a range of RIL facilities, including the Indian group’s synthetic rubber (PBR/SBR) production plant in Hazira, Gujarat.
The other units involved are: a petcoke gasification plant, paraxylene plant and ethylene production plant in Jamnagar, Gujarat, purified terephthalic acid plant, Dahej, Gujarat, and polyester filament yarn plant, Silvassa, Dadra/Nagar Haveli.