Logo of Reliance Industries Ltd.
Credit: Reuters photo
India's Reliance Industries , led by billionaire Mukesh Ambani, is set to raise approximately 180 billion rupees ($2.06 billion) through asset-backed securities, Bloomberg News reported on Tuesday, citing people familiar with the matter.
The securities will be issued by a trust and backed by a pool of loans tied to the conglomerate's infrastructure and telecommunications divisions, with a maturity period of three to five years, the report said.
Barclays Plc is arranging the transaction, which is expected to be completed by mid-September, the report added.
Reuters could not immediately verify the report. Reliance did not immediately reply to a Reuters request for comment outside of business hours, while Barclays declined to comment.
Reliance, operator of the world's largest refining complex in the western state Gujarat, is India's leading buyer of Russian oil, a trade that has drawn scrutiny from Washington following U.S. tariffs imposed on some Russian energy imports.