For financing six very large ethane carriers (VLECs)
Reliance Industries through its overseas wholly owned subsidiaries have signed facilities' agreement for availing term loan facilities for an aggregate amount of USD 573 million (approximately Rs 3828 crore) for part financing the construction cost of six very large ethane carriers (VLECs) (the facilities). RIL group had ordered six state of the art VLECs, which will be the largest Ethane vessels ever built in the world.The Facilities with door to door tenor of 12 years comprise of a Korean Trade Insurance Corporation (K-Sure) insured tranche of USD 286.5 million and a commercial tranche of USD 286.5 million. The Facilities shall be secured by collateral of respective VLECs. The said VLECs are financed at a debt to equity ratio of 80:20.
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