Reliance Industries Secures $2.4 Billion via Asset-Backed Securities in Landmark Structured Finance Deal

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Reliance Industries Ltd (RIL), led by Mukesh Ambani, has raised ₹20,000 crore ($2.4 billion) through a landmark issuance of asset-backed securities (ABS), marking one of India’s largest structured finance transactions to date. The deal, finalized in mid-September 2025, was executed through pass-through certificates (PTCs) backed by receivables from Digital Fibre Infrastructure Trust (DFIT), a subsidiary of Reliance Industrial Investments and Holdings Ltd.

The transaction was arranged by Barclays Plc and structured across three dedicated trusts—Radhakrishna Securitisation Trust, Shivshakti Securitisation Trust, and Siddhivinayak Securitisation Trust. The securities carry maturities ranging from three to five years and offer an average coupon of 7.75%, attracting strong demand from top-tier domestic asset managers.

Deal Structure and Key Highlights

ParameterDetails
Total Amount Raised₹20,000 crore ($2.4 billion)
Instrument TypePass-Through Certificates (PTCs)
Coupon RateAverage 7.75%
Maturity Range3 to 5 years
OriginatorDigital Fibre Infrastructure Trust
PromoterReliance Industrial Investments & Holdings Ltd
ArrangerBarclays Plc
Investor Participation75% subscribed by leading AMCs

The ABS issuance was upsized from an initial ₹18,000 crore due to overwhelming investor interest, underscoring the market’s confidence in Reliance’s credit profile and the stability of infrastructure-backed receivables.

Strategic Objectives Behind the Issuance

Reliance’s ABS transaction is part of a broader strategy to monetize infrastructure assets while diversifying its funding sources. By securitizing receivables from DFIT, Reliance has unlocked liquidity without resorting to traditional debt or equity dilution.

Strategic GoalImpact on Reliance
Infrastructure MonetizationUnlocks capital from fibre assets
Funding DiversificationReduces reliance on bank loans
Strengthening LiquiditySupports capex and operational needs
Enhancing Market DepthPositions RIL as a structured finance leader

The move also aligns with Reliance’s long-term vision of building scalable, self-sustaining infrastructure platforms across telecom, energy, and digital services.

Investor Response and Market Sentiment

The issuance attracted participation from marquee asset managers including Aditya Birla Sun Life AMC, HDFC AMC, ICICI Prudential AMC, Nippon India AMC, and SBI Funds Management. The structure, backed by predictable cash flows and credit enhancements, appealed to institutional investors seeking high-grade exposure with attractive yields.

Major InvestorsParticipation Level
Aditya Birla Sun Life AMCHigh
HDFC Asset Management Co.High
ICICI Prudential AMCHigh
Nippon India AMCModerate
SBI Funds Management LtdHigh

The deal’s success is seen as a vote of confidence in Reliance’s financial engineering capabilities and the robustness of its infrastructure assets.

Boost to India’s Securitization Market

Reliance’s ABS issuance is expected to catalyze growth in India’s securitization market, which has traditionally been dominated by NBFCs and housing finance companies. According to ICRA, India’s securitization volumes are projected to cross ₹2.5 trillion by FY26, with corporate-originated ABS gaining traction.

India Securitization Market OutlookValue (₹ trillion)
FY241.8
FY25 (Projected)2.2
FY26 (Projected)2.5+

Reliance’s entry into this space is expected to encourage other corporates to explore ABS as a viable funding avenue, especially for infrastructure and utility-backed assets.

Regulatory and Structural Features

The pass-through certificates are backed by payouts under an options agreement between the ABS originators and Reliance promoter entities. This layered structure enhances credit protection and ensures predictable cash flows for investors.

Structural FeatureBenefit to Investors
Options Agreement with PromoterCredit enhancement
Dedicated Securitisation TrustsRisk isolation
Infrastructure-backed ReceivablesAsset stability
Fixed Coupon StructurePredictable returns

The deal complies with SEBI’s securitization norms and reflects best practices in structured finance.

Implications for Corporate India

Reliance’s successful ABS issuance sets a precedent for other large corporates seeking to monetize infrastructure assets. With rising demand for long-duration, high-yield instruments, ABS offers a compelling alternative to traditional debt and equity financing.

Sector Use Cases for ABSExamples
Telecom InfrastructureFibre and tower assets
Renewable EnergySolar and wind farm receivables
Logistics and WarehousingLease-backed cash flows
Real EstateRental income securitization

The transaction also highlights the importance of financial innovation in unlocking capital for India’s next phase of infrastructure growth.

Reliance’s Broader Financial Strategy

Reliance has been actively pursuing asset monetization across its business verticals. From Jio’s tower and fibre carve-outs to retail stake sales and green energy partnerships, the group is focused on creating lean, capital-efficient platforms.

Monetization InitiativeValue Unlocked
Jio Tower & Fibre Assets₹1.25 lakh crore
Retail Stake Sales₹47,265 crore
Green Energy Partnerships$10 billion committed
Digital Infrastructure Trust₹20,000 crore via ABS

The ABS issuance adds another layer to Reliance’s capital strategy, enabling it to fund growth while maintaining balance sheet strength.

Conclusion: A Financial Milestone with Market-Wide Impact

Reliance Industries’ ₹20,000 crore ($2.4 billion) asset-backed securities issuance marks a significant milestone in India’s corporate finance landscape. By leveraging infrastructure receivables and structured finance tools, Reliance has demonstrated how large-scale capital can be mobilized efficiently and transparently.

As India’s securitization market matures, this deal will likely serve as a blueprint for future issuances, encouraging corporates to explore ABS as a strategic funding mechanism. For investors, it offers a rare opportunity to participate in top-rated infrastructure-backed instruments with attractive yields and robust credit protection.

Disclaimer: This article is based on publicly available financial disclosures, verified news reports, and market data. It is intended for informational purposes only and does not constitute investment advice. All figures and projections are subject to change based on regulatory filings and market conditions.

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