Many Indian companies, including Gujarat Ambuja Cements Ltd. and state-run Indian Oil Corp., have recently tapped the offshore debt market to refinance their existing borrowings. Will Reliance Industries Ltd., India's top petrochemical producer follow this trend?
Reliance could weigh this option to raise US$348 million to refinance its existing foreign currency debt. Last week, Indian Petrochemicals Corp. Ltd.(IPCL) , a subsdiary of Reliance Industries, had raised US$100 million through a 3 year syndicated loan at 0.44% over the London Inter-bank Offered Rate pa.
10-Aug-05 
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