Reliance Industries in discussions with banks for 5 year loan of US$2 bln to refinance its debt

Reliance Industries Ltd is holding discussions with banks for a five-year loan of about $2 billion to refinance its debt, as per The Economic Times. In 2012, RIL- the world's largest petrochemical-cum-refining complex owner, had borrowed an unprecedented US$5.8 bln from foreign markets. As on Dec 31, 2012, the outstanding debt of the company was Rs 722.66 billion as against Rs 682.59 billion in the year-ago period. The company's cash and cash equivalents, however, stood at Rs 809.62 billion as on Dec 31.
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