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Deutsche Bank and India’s Reliance Industries have signed a €
116.2mn financing which will be used to refinance the import of equipment for the expansion of Reliance’s polyester plants in Hazira and Patalganga, India.


Petrochemical company Reliance Industries Ltd, based in Mumbai, counts amongst India’s largest private sector companies.

This financing marks the first time in 22 years that Reliance Industries has taken advantage of an ECA-covered facility.

Deutsche acted as mandated arranger of the financing which is split in two parts. A €
103.5mn facility has a tenor of 10.5 years and is covered by Germany through Euler Hermes. In parallel, supplies by the Italian company Salmoiraghi were financed by a €
12.7mn facility with a tenor of nine years and covered by Italy’s export credit agency Sace.

Two German companies, Barmag Zweigniederlassung der Saurer and Remscheid and Zimmer, are major suppliers for this project. For both, the supply contracts count amongst the largest in their history.

Reliance’s excellent rating and cooperation with the German government and Euler Hermes enabled Deutsche to reduce the turnaround time from being awarded the mandate to receiving ECA coverage to only four weeks.