Reliance Industries is in talks with banks for a loan of as much as $3 billion to refinance debt that is due next year, Bloomberg News reported on Tuesday, citing people familiar with the matter.
Around six banks are in talks with the company for the loan, which would be syndicated to the wider market in the first quarter of 2025, the report said, adding that the terms of the loan have not been finalised yet and are subject to changes.
Reliance did not immediately reply to Reuters’ request for comment.
Its billionaire chairman Mukesh Ambani told shareholders in August that the conglomerate is on track to more than double in size before the end of the decade, as it unveiled measures to step up its adoption of artificial intelligence.
As well as developing a suite of AI tools and platforms called ‘Jio Brain’ and setting up data centres in the western state of Gujarat, which it plans to power with green energy, Reliance will also partner with global tech firms.
“Our goal is to create the world’s lowest AI inferencing cost, right here in India. This will make AI applications in India more affordable than anywhere else,” Ambani said.
Inferencing is how live data is run through a trained AI model to make a prediction or solve a task.
Reliance’s outstanding debt as of September 30 was ₹3.36 trillion ($39.60 billion).
Reuters