Reliance Group bags Asset Magazine accolade

Wednesday, 20 December 2006, 06:00 Hrs
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New Delhi: Reliance Industries has been named the best corporate for 2006, while its subsidiary Reliance Petroleum's $2 billion greenfield refinery financing has been judged the best syndicated loan by Hong Kong based Asset Magazines' annual awards.

The eighth edition of The Asset Magazine Triple A House & Deal Awards for excellence in the financial services industry has judged Reliance Group as the best corporate for its success in tying up the financing for its greenfield refinery project in Jamnagar, Gujarat.

Judged as the best syndicated loan and best project finance loan by the Asset Magazine, the financing involved the large foreign currency loan and the largest limited recourse financing in Asia outside of China since the Asian financial crisis, the citation states.

It notes that the deal was upsized from the initial amount of $1.5 billion due to the strong market support with 52 banks participating.

Apart from the loan, the project is being sponsored through a combination of sponsor equity, including $300 million from Chevron, a strategic investor with five percent equity, and proceeds from a highly successful IPO in April, an export credit agency tranche of $1 billion and other debt of $1 billion.

Together with its existing refinery of 28 million tonnes capacity, the new export oriented refinery will put Reliance Petroleum as the largest of its kind on a single location.
Source: IANS
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