Reliance plans first local debt sale after three years with $1.32 billion fundraise, bankers say
Reliance Industries is planning to raise $1.32 billion through a five-year rupee bond sale, marking its return to the local debt market after three years. The move is driven by a decline in local bond yields, which has made domestic funding more cost-effective than dollar-denominated debt.
Why it matters
This significant fundraising effort by India's largest conglomerate signals shifting corporate debt strategies in response to changing domestic interest rate environments.
Billionaire Mukesh Ambani’s Reliance Industries is set to return to India’s rupee bond market after nearly three years, five merchant bankers told Reuters late on Monday (September 8, 2026), with what would be the largest single-tranche fundraising by a rated firm since November 2023.
The oil-to-telecom conglomerate plans to raise 125 billion rupees ($1.32 billion) through a sale of five-year notes, at an annual coupon of 7.47%, and is set to invite bids from investors in the week ending September 18, according to bankers.
The issue would be RIL’s first rupee bond offering since November 2023, when it raised 200 billion rupees in what was the largest local-currency debt sale by an Indian non-financial company.
The bankers requested anonymity as they are not authorised to speak to the media, while the company did not immediately reply to a Reuters email seeking comment outside normal business hours.
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