Billionaire Mukesh Ambani-owned Reliance Industries and its telecom arm Jio are reportedly mulling an increase in a batch of foreign currency loans to $4.5 billion from $3 billion due to the large number of bids, according to a report from Bloomberg which cited people familiar with the matter. However, they declined to be named because they weren’t authorised to speak about it.

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The move comes in response to a large number of bids received, and both companies have already raised $1.5 billion each, with plans to take out an additional $750 million.

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The primary syndication involves around 55 lenders, including nearly two dozen Taiwanese banks as well as global giants such as Bank of America, HSBC, MUFG, Citi, SMBC, Mizuho, and Credit Agricole.

However, Bloomberg noted that spokesperson for Reliance has not yet responded to requests for comment. It is worth noting that the $3 billion loan is expected to help ease capex and Adani risk, according to credit analysts.

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