Billionaires Brave Rupee Drop to Extend Record Dollar Loan Spree
By-
India syndicated loans $21.9 billion in 2016, set for record
-
Companies ‘more concerned about rising U.S. yields than rupee’
India’s billionaires are braving a slumping rupee to borrow from the international loan markets before the U.S. Federal Reserve resumes interest-rate increases.
Mukesh Ambani’s Reliance Industries Ltd. is about to mandate 15 banks for a $1.75 billion loan, people familiar with the matter, who asked not to be identified, said Nov. 23. Novelis Inc., the U.S. unit of Kumar Mangalam Birla’s flagship Hindalco Industries Ltd., has sounded out banks for a refinancing of about $1.8 billion, separate people familiar said Nov. 21. Dollar-denominated syndicated loans from local borrowers surged 25 percent to $21.9 billion so far in 2016, on course for a record year, data compiled by Bloomberg show…
Billionaires Brave Rupee Drop to Extend Record Dollar Loan Spree
