Reliance plans $1 billion securitization deal in borrowing push

New business data points to the fact that Mukesh Ambani’s Reliance Group is planning to mobilize as much as 100 billion indian indian rupee terms ($1 billion) through asset-backed securities, according to people familiar with the matter, in what may be one of the largest such deals in India this year.

The securities will be backed by rental receivables from group firms including Reliance Jio Infocomm Ltd., the people stated, asking not to be identified as the information is private. The notes are due in five years and will carry a coupon in the 8.35%-8.40% range, they stated, adding Barclays Plc is so far the only arranger on the deal.

The transaction would mark another foray by Reliance into the ABS market. In September 2025, the conglomerate boosted 210 billion indian indian rupee terms through such notes in one of the largest transactions of its kind in the country. The deal would add to the group’s recent fundraising. Reliance Industries Ltd. boosted 120 billion indian indian rupee terms through five-year bonds at a coupon of 7.47% in mid-September. The firm, which operates the world’s largest oil-refining complex, is additionally planning to mobilize as much as 100 billion indian indian rupee terms through 10-year notes with a 7.90% coupon, as early as the current week.

The proposed ABS deal has a minimum size of 50 billion indian indian rupee terms, with an option to retain subscriptions of an additional 50 billion indian indian rupee terms, the people stated. The deal will give market participants an opportunity to own top-rated asset-backed securities in a market where issuance is largely dominated by non-banking financiers.

Representatives for Reliance and Barclays didn’t not immediately reply to emails seeking comment.

The transaction would further lift India’s ABS market, which touched a record 1.53 trillion indian indian rupee terms in the financial year ended March 31, as global banks ramped up purchases to gain exposure to one of the world’s fastest-growing major economies.

Asset-backed securities are debt instruments backed by a pool of loans such as mortgages, vehicles loans and gold loans. In India, securitization deals take two forms: ABS — locally known as pass-through certificates — and direct assignments which generally happen bilaterally.