The Board of Ex-Im Bank has voted to increase the single largest
financing deal of USD 2.1 billion to Reliance Industries Small (RIL). This consists of an USD
1.06 billion direct mortgage and also to guarantee an USD 1.06 billion JPMorgan Chase mortgage to the ongoing company.
The loan will be mainly 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. sellers for cutting edge technology, critical project
management equipment and providers from a wide portion of American exporters for rolling out our
following phase of growth,” stated Mr. Alok Agarwal, Reliance’s Chief Financial Officer. “We value long our
standing romantic relationship with Ex-Im Bank and this landmark deal strengthens the further
partnership. This landmark deal reaffirms the catalyst part played by Ex-Im Lender in
facilitating trade among U.S. and India. We also sincerely appreciate the part 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 (US$ 66.8 billion), cash profit of INR 31,994 crore
(US$ 6.3 billion) and net profit of INR 20,040 crore (US$ 3.9 billion) as of March 31, 2012.
RIL is the first private sector company from India to feature in Fortune’s Global 500 set of ‘World’s
Largest Companies’ and ‘World’s Top 100 companies’, ranking 99 th
in conditions of revenues and 130 th
in conditions of profits in 2012. RIL ranks 68th in the Financial ‘Moments FT Global 500’ set of the world’s
largest companies. RIL is ranked among the ’50 Most Innovative Companies – 2010? in the global world
in a survey executed by the US economic publication – Business Week in collaboration with the
Boston Consulting Group (BCG). This year 2010, BCG rated RIL as the next highest ‘Sustainable also
Value Creators’ for creating the most shareholder value over the decade in the world.