Reliance lands record $1.7B Japan financing after S&P upgrade to A-
S&P's upgrade — citing rising consumer-business contribution — unlocked India's largest-ever Samurai loan (JPY 91.9bn) plus three first-of-kind global facilities. Cheaper capital fuels retail footprint and gigafactory build-out against Rs 3.74L cr gross debt and 20.7% ROCE.
What happened
Reliance Industries executed India's largest-ever Samurai loan and three first-of-their-kind global financings totaling ~USD 1.7 billion after S&P upgraded its
Key facts
- JPY 91.9 billion
- USD 625 million
- USD 500 million
- USD 600 million
- A- rating
- Rs 3.74 lakh crore gross debt
- Rs 1.25 lakh crore net debt
- ROCE 20.7%
Why this matters
Reliance's record $1.7B raise at improved spreads signals aggressive capacity for retail M&A and vertical integration plays — expect more competitive bidding on assets in our pipeline.