Mukesh Ambani firm needs loan of this much amount, reason revealed

Reliance Industries Limited, a company helmed by Asia's richest man Mukesh Ambani, is in touch with lenders to secure a loan of 2 billion dollars (Rs 16,386 crore). The company is seeking this loan to expand the massive business of the group that has an array of massively successful businesses. Mukesh Ambani is one of the richest men in the world with a net worth of whopping Rs 7,35,000 crore.

According to reports, the firm wants to use India's dedicated external commercial borrowing route to secure the loan. According to Bloomberg, the loan by Mukesh Ambani's firm will be used for capital expenditure. It will also be used to refinance other loans.

The company is reportedly in touch with Bank of America, Citigroup and the Standard Chartered Bank, said the report. 

Mukesh Ambani has diversified over the last 10 years into telecom and consumer business. He launched Jio and Reliance Retail which have become a roaring success. His core businesses including crude-oil refining. The first two businesses are helmed by Akash Ambani and Isha Ambani. Anant Ambani is heading the new energy arm of the company.

In 2020, Mukesh Ambani declared the company debt free. The recent raising of money was part of the company's expansion push in the telecom and retail sectors. The company has emerged as the leading players of the sectors.

Reliance is aiming to invest a whopping 75 billion dollars over the next 15 years in the new energy business. They have also secured the IPL streaming rights for 3 billion dollars.

Recently, a foreign firm predicted that Anant Ambani's company will bring 10-15 billion dollars revenue to the group by 2030.