RIL borrows $550 mn from Japanese banks.

Reliance Industries Ltd. (RIL) has tied up export credit agency (ECA) facility of up to $550 million from Japan Bank for International Cooperation (JBIC) and a group of other Japanese banks backed by Nippon Export and Investment Insurance (NEXI). The funds are aimed at part-financing the proposed expansion of RIL's petrochemical plants and setting up a new gasification plant and a refinery off-gas cracker through the next two-three years. In a statement, RIL said this was its eighth ECA facility for the company’s largest capital expenditure programme.This is the first time JBIC is extending credit to RIL. The bank will provide direct financing of up to $330 million.

BS