Billionaire Mukesh Ambani’s Reliance Industries is set to return to India’s rupee bond market after nearly three years, five merchant bankers told Reuters late on Monday (September 8, 2026), with what would be the largest single-tranche fundraising by a rated firm since November 2023.
The issue would be RIL’s first rupee bond offering since November 2023, when it raised 200 billion rupees in what was the largest local-currency debt sale by an Indian non-financial company.
The bankers requested anonymity as they are not authorised to speak to the media, while the company did not immediately reply to a Reuters email seeking comment outside normal business hours.
A sharp decline in yields on up to five-year bonds locally has made such funding cheaper than dollar debt sales, the bankers added.
The five-year government bond yield has plunged 33 basis points since the start of June, mainly backed by mammoth dollar inflows under the central bank’s subsidised schemes.
