Ex-Im Will Extend USD 2.1 Billion Credit to RIL
OREANDA-NEWS. December 18, 2012. The Board of Ex-Im Bank has voted to extend the single largest financing transaction of USD 2.1 billion to Reliance Industries Limited (RIL). This includes a USD 1.06 billion direct loan and to guarantee a USD 1.06 billion JPMorgan Chase loan to the Company.
The loan will be primarily used to finance goods and services procured from exporters and suppliers in the United States as part of Reliance's expansion projects at Jamnagar, Gujarat.
“We are once again partnering with major U.S. suppliers for cutting edge technology, critical project management services and equipment from a wide section of American exporters for rolling out our next phase of growth,” said Mr. Alok Agarwal, Reliance’s Chief Financial Officer. “We value our long standing relationship with Ex-Im Bank and this landmark transaction further strengthens the partnership. This landmark transaction reaffirms the catalyst role played by Ex-Im Bank in facilitating trade between U.S. and India. We also sincerely appreciate the role played by JPMorgan Chase in this important transaction for us.”
The media release made by Ex-Im Bank is also enclosed for reference.
Reliance Industries Limited (RIL) is India’s largest private sector company on all major financial parameters with a turnover of INR 339,792 crore (USD 66.8 billion), cash profit of INR 31,994 crore (USD 6.3 billion) and net profit of INR 20,040 crore (USD 3.9 billion) as of March 31, 2012.
RIL is the first private sector company from India to feature in Fortune’s Global 500 list of 'World's Largest Corporations' and ‘World’s Top 100 companies’, ranking 99th in terms of revenues and 130th in terms of profits in 2012. RIL ranks 68th in the Financial ‘Times FT Global 500’ list of the world's largest companies. RIL is ranked amongst the ’50 Most Innovative Companies - 2010' in the World in a survey conducted by the US financial publication - Business Week in collaboration with the Boston Consulting Group (BCG). In 2010, BCG also ranked RIL as the second highest ‘Sustainable Value Creators’ for creating the most shareholder value over the decade in the world.
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