Home / Knowledge / News / Textiles / RIL mops-up $550mn to part finance petrochemical expansion
RIL mops-up $550mn to part finance petrochemical expansion
25
Apr '14
In continuation of the fund raising programme initiated in FY 2012-13, RIL has tied up Export Credit Agency (ECA) facility of up to USD 550 million co financed by JBIC and a group of other Japanese banks backed by NEXI to part finance the proposed expansion of its petrochemical plants and setting up new gasification plant and refinery off-gas cracker over the next two to three years. This is RIL’s eighth ECA facility for the largest capital expenditure program it has undertaken. 
 
This is the first time that JBIC is extending credit to RIL. JBIC will provide direct financing of up to USD 330 million and Japanese banks, supported by a 95% NEXI insurance cover, will finance up to USD 220 million. The participating banks include The Bank of Tokyo Mitsubishi UFJ, Ltd., Sumitomo Mitsui Banking Corporation, Mizuho Bank, Ltd. and three regional Japanese banks namely The Gunma Bank Ltd., The Hachijuni Bank, Ltd. and The Chiba Bank, Ltd.
 
This facility will have a door-to-door tenor of twelve years and will be used to finance contracts for imports of goods & services signed with more than 20 Japanese suppliers, including some SMEs and MMEs. 
 
With this facility, NEXI has established a new insurance program that extends support to Japanese regional banks’ for financing such overseas projects. In addition to the aforesaid six Japanese banks, some more banks (Japanese regional banks) are expected to participate through a partial assignment of the contractual rights and obligations of NEXI covered portion.
 
The deal is significant since:
-JBIC is financing a buyers’ credit facility with more than 20 Japanese suppliers including SMEs and MMEs 
-NEXI cover is not only provided for regional Japanese banks participating as the primary lenders but also for the regional Japanese banks joining the deal through syndication process 
 
About RIL 
Reliance Industries Limited (RIL) is India’s largest private sector company on all major inancial parameters with a turnover of INR 401,302 crore (US$ 67.0 billion), cash profit of INR 30,795 crore (US$ 5.1 billion) and net profit of INR 21,984 crore (US$ 3.7 billion) as of March 31, 2014.
 

RIL


Must ReadView All

AEPC concern over apparel exports fall; envoys meet CEA

Apparel/Garments | On 17th Nov 2017

AEPC concern over apparel exports fall; envoys meet CEA

India’s Apparel Export Promotion Council (AEPC) has expressed concern ...

Moody's improves India's rating

Textiles | On 17th Nov 2017

Moody's improves India's rating

Moody's Investors Service has upgraded the Indian Government’s local...

Sweden in talks with Birlas for smart textiles project

Textiles | On 17th Nov 2017

Sweden in talks with Birlas for smart textiles project

Sweden is seeking a collaborative project with the Aditya Birla Group ...

Interviews View All

Headhonchos
Indian textile value chain

Adopt innovative techniques, go for automisation rather than being...

Poojaa Kumar Deepak
Zeven

Zeven's performance sports apparel is designed for the Indian body type,...

Ajay Ghariwala
Luthra Group

We are ready to adopt or follow every opportunity

Sugandha Bhardwaj

<div>New Delhi-based Brinjal Designs Pvt Ltd manufactures home furnishing...

Suresh P Bagrecha

Komal Texfab, founded in 1981, is into manufacturing of knitted fabrics,...

Liz Manning

<div><b>Liz Manning</b>, Business Development Manager at Catexel, has...

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Aditi Somani
Aditi Somani

Aditi Somani specialises in luxury fusion wear with international cuts and ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

November 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
68.5%
No
12.4%
Skip
19.1%

Total Votes: 89

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
61.8%
No
30.3%
Skip
7.9%

Total Votes: 89

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
86.5%
No
10.1%
Skip
3.4%

Total Votes: 89

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
80.9%
No
9.0%
Skip
10.1%

Total Votes: 89


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search