J.P. Morgan Finances Capital Expansion Efforts of India's Largest Private Sector
Conglomerate Reliance Industries Ltd
MUMBAI, Dec 10 /PRNewswire-AsiaNet/--
J.P. Morgan announced today that it has signed a USD400 million financing
facility with Reliance Industries Ltd ('RIL') to support the company's
various investment projects in India. J.P. Morgan is the Arranger, Lender and
Facility Agent for this transaction.
The structured finance solution created by J.P. Morgan with the
Export-Import Bank of the United States ('U.S. Ex-Im Bank') - the official
U.S. export credit agency, involves an 11-year facility providing RIL with
financing of up to USD400 million to support RIL's equipment purchases from a
total of 17 U.S. suppliers. In a year marked by tumultuous market conditions,
a tight liquidity environment and an increased focus on risk mitigation; this
financing facility marks a significant achievement.
RIL is India's largest private sector enterprise, with businesses in the
energy and petrochemicals value chain. The Group's activities range from the
exploration and production of oil and gas, to petroleum refining and
marketing, petrochemicals (polyester, fibre intermediates, plastics and
chemicals), textiles and retail.
Over the past four months, RIL has been able to raise more than USD2.5
billion, including this new facility, to support its capital expenditure
programme.
J.P. Morgan's approach of developing a close partnership with its clients
and agencies once again resulted in rapid turnaround time and sound judgment
throughout the financing arrangement process.
Simon Jones, head of J.P. Morgan's Treasury Services in Asia Pacific,
said: "We are pleased to have the opportunity to support Reliance's
investments through this financing facility. We expect to see a rapid growth
in the demand for U.S. export programmes in the near future, especially for
clients seeking long-term financing solutions." J.P. Morgan has a dedicated
multi-disciplinary team supporting this type of financing facility. "This
structure allows the firm to manage the U.S. Ex-Im Bank credit guarantee
process efficiently, while addressing the objectives, preferences and
constraints of all parties to a transaction," added Jones.
J.P. Morgan's Treasury Services division has a leading position in India
and continues to invest and expand in this key market. U.S. exports into
India exceeded USD17.5 billion* in 2007, and are expected to grow even
further, making India a key trade finance market for J.P. Morgan and for U.S.
Ex-Im Bank.
J.P. Morgan provides comprehensive and innovative financing solutions by
leveraging its global franchise. J.P. Morgan also leverages the services and
products of its Worldwide Securities Services division, as well as its
Investment Bank and Asset Management services to provide its customers with
one-stop solutions.
About J.P. Morgan Treasury Services
The Treasury Services business of J.P. Morgan is a top-ranked,
full-service provider of innovative payment, collection, liquidity and
investment management, trade finance, commercial card and information
solutions to corporations, financial services institutions, middle market
companies, small businesses, governments and municipalities worldwide. With
more than 50,000 clients and a presence in 39 countries, J.P. Morgan Treasury
Services is the world's largest provider of treasury management services and
a division of JPMorgan Chase Bank, N.A., member FDIC. More information can be
About JPMorgan Chase & Co.
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services
firm with assets of US$2.3 trillion and operations in more than 60 countries.
The firm is a leader in investment banking, financial services for consumers,
small business and commercial banking, financial transaction processing,
asset management, and private equity. A component of the Dow Jones Industrial
Average, JPMorgan Chase & Co. serves millions of consumers in the United
States and many of the world's most prominent corporate, institutional and
government clients under its J.P. Morgan, Chase, and WaMu brands. Information
of Commerce
For more information contact:
Kavita Sonawala
Head of Marketing & Corporate Communications
J.P.Morgan India Private Limited.
Tel: +91-22-3085-2951
Cell: +91-98195-54999
Internal GDP: 308.2951
Email: kavita.x.sonawala@jpmorgan.com
Source: J.P.Morgan
__________________________________________________________________________________________
NEWS 
