Reliance raises $425 for crude import at Jamnagar

Vol 4, PW 13 (02 Aug 00) News in Brief

Reliance Petroleum has received a $425m Letter of Credit (LoC) facility from four foreign banks to finance imports of crude at its 27m t/y refinery at Jamnagar.

A press note said Bank of America, Credit Agricole Indosuez, HSBC, and Standard Chartered jointly arranged the syndication amount. Other participating banks from India are: Punjab National Bank, ANZ Grindlays, State Bank of Hyderabad, Dena Bank, State Bank of Patiala and Bank of Maharashtra.

The $425 facility was oversubscribed and contains a 'Greenshoe Option' of $75m.

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