State Bank of India raised $1 billion in the largest dollar-denominated syndicated loan this year from the nation, giving a boost to the lagging foreign-currency debt market. The borrower opted not to exercise a greenshoe option to increase the five-year facility by as much as $250 million, said people familiar with the matter, who asked not to be identified discussing private information. SBI declined to comment.
Foreign-currency loans taken out by Indian issuers have declined 30% to $3.2 billion so far in 2025 from the year-earlier period, and are running at a four-year low, according to Bloomberg-compiled data. But that trend could soon reverse, with billionaire Mukesh Ambani's conglomerate Reliance Industries in the market for a loan of as much as $3 billion. NBFCs in particular, are increasingly tapping the dollar-denominated facilities.
Foreign-currency loans taken out by Indian issuers have declined 30% to $3.2 billion so far in 2025 from the year-earlier period, and are running at a four-year low, according to Bloomberg-compiled data. But that trend could soon reverse, with billionaire Mukesh Ambani's conglomerate Reliance Industries in the market for a loan of as much as $3 billion. NBFCs in particular, are increasingly tapping the dollar-denominated facilities.
