Indian tycoon Mukesh Ambani’s Reliance Industries Ltd. is considering raising as much as 150 billion rupees ($1.8 billion) via the sale of a local-currency bond, according to people familiar with the matter, who asked not to be identified as the matter is private.
The transaction, if it gets concluded, would be the biggest rupee sale ever for Reliance, Bloomberg-compiled data show. It would also be the conglomerate’s first domestic bond since 2020, according to the statistics.
Reliance Industries is India’s largest company by market value, and have a sterling credit score from Crisil Ratings, the Indian affiliate of S&P Global. Its business interests range from petrochemical refining to wireless communication services and consumer goods. It is expanding rapidly in existing businesses, such as 5G services, as well as venturing into newer ones, such as green energy and financial services.
A Reliance Industries representative did not offer any immediate comments when contacted by Bloomberg on Wednesday.