Reliance Industries Borrows $1 Billion for Five, Seven Years From Banks

Reliance Industries Ltd., owner of the world’s largest refinery, raised $1 billion in loans from banks, two people involved in the transaction said.

India’s biggest company by market value borrowed $500 million for five years agreeing to pay 170 basis points over the London interbank offered rate, the people said, declining to be identified before a public announcement. Reliance borrowed the balance for seven years and will pay 190 basis points over Libor, the people said.

Bank of America Merrill Lynch, Sumitomo Mitsui Financial Group, Inc. and Credit Agricole CIB helped the Mumbai-based company raise the funds, one of the people said.

Reliance spokesman Manoj Warrier declined to comment.