Billionaire Mukesh Ambani’s Reliance Group is planning to raise as much as ₹10,000 crore ($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 companies including Reliance Jio Infocomm Ltd., the people said, 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 said, 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 raised 210 billion rupees 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. raised ₹12000 crore through five-year bonds at a coupon of 7.47% in mid-September. The company, which operates the world’s largest oil-refining complex, is also planning to raise as much as ₹10000 crore through 10-year notes with a 7.90% coupon, as early as this week.
The proposed ABS deal has a minimum size of ₹5000 crore, with an option to retain subscriptions of an additional ₹5000 crore, the people said. The deal will give investors 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 boost India’s ABS market, which reached a record ₹1.53 lakh crore 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.
More stories like this are available on bloomberg.com
Published on September 28, 2026
