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
| Parameter | Details |
|---|---|
| Total Amount Raised | ₹20,000 crore ($2.4 billion) |
| Instrument Type | Pass-Through Certificates (PTCs) |
| Coupon Rate | Average 7.75% |
| Maturity Range | 3 to 5 years |
| Originator | Digital Fibre Infrastructure Trust |
| Promoter | Reliance Industrial Investments & Holdings Ltd |
| Arranger | Barclays Plc |
| Investor Participation | 75% 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 Goal | Impact on Reliance |
|---|---|
| Infrastructure Monetization | Unlocks capital from fibre assets |
| Funding Diversification | Reduces reliance on bank loans |
| Strengthening Liquidity | Supports capex and operational needs |
| Enhancing Market Depth | Positions 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 Investors | Participation Level |
|---|---|
| Aditya Birla Sun Life AMC | High |
| HDFC Asset Management Co. | High |
| ICICI Prudential AMC | High |
| Nippon India AMC | Moderate |
| SBI Funds Management Ltd | High |
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 Outlook | Value (₹ trillion) |
|---|---|
| FY24 | 1.8 |
| 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 Feature | Benefit to Investors |
|---|---|
| Options Agreement with Promoter | Credit enhancement |
| Dedicated Securitisation Trusts | Risk isolation |
| Infrastructure-backed Receivables | Asset stability |
| Fixed Coupon Structure | Predictable 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 ABS | Examples |
|---|---|
| Telecom Infrastructure | Fibre and tower assets |
| Renewable Energy | Solar and wind farm receivables |
| Logistics and Warehousing | Lease-backed cash flows |
| Real Estate | Rental 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 Initiative | Value 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.
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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.
