Overview
- Reliance raised JPY 91.9 billion (about USD 625 million) through a Samurai loan that involved 10 Japanese and Taiwanese banks and was used to refinance yen-denominated debt, a transaction reported on Thursday.
- The company also obtained roughly USD 600 million equivalent in NEXI-backed untied financing for solar PV and battery gigafactories and about USD 500 million equivalent in KSURE-backed untied facilities, with Reliance saying both ECA deals were the first untied corporate facilities globally for those agencies.
- S&P Global Ratings upgraded Reliance’s international debt rating to A- in December 2025, a move that the company and analysts say widened its access to overseas pools and helped secure long tenors and competitive costs on these deals.
- Reliance reported materially stronger FY26 coverage metrics—interest coverage ratio 8.83, debt service coverage ratio 4.03 and return on capital employed 20.7%—with gross debt around Rs 3.74 lakh crore and net debt about Rs 1.24–1.25 lakh crore.
- Management said proceeds will support refinancing and large clean-energy and capex projects but warned that geopolitical tensions, currency volatility and policy risks could make the FY26–27 outlook vulnerable, and it plans to rely on strong cash flow, liquidity buffers and diversified funding to manage those risks.