RIL Signs Agreements for Availing loan Facilities

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Reliance Industries Limited (RIL) through its overseas wholly-owned subsidiaries have signed facilities' agreements for availing term loan facilities for an aggregate amount of USD 573 million (equivalent to approximately INR 3,828 crore[ll) for part financing the construction cost of six very large ethane carriers (VLECs) (the "Facilities"). 

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RIL group had ordered six state-of-the-art VLECs, which will be the largest Ethane vessels ever built in the world.

The Facilities with door to door tenor of 12 year comprise of a Korea Trade Insurance Corporation (K-sure) insured tranche of USD 286.5 million and a commercial tranche of USD 286.5 million. The Facilities shall be secured by collateral of respective VLECs.

The said VLECs are financed at a debt to equity ratio of 80:20. Meanwhile, shares of the company were trading at Rs 1056.45 apiece, down 0.33 per cent from the previous close at 09:30 hours on BSE.

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