Japan offers trade insurance for Reliance's solar and battery financing

Japan is set to provide trade insurance for a 100 billion yen ($616 million) syndicated loan to Indian conglomerate Reliance Industries. This move is part of Tokyo's strategy to foster supply chain cooperation between the two nations and support India's ambition to boost domestic production of solar power equipment.

This financing follows Reliance Industries' successful execution of the largest-ever Samurai loan by an Indian corporate, which raised JPY 91.9 billion (approximately USD 625 million). The conglomerate has been strengthening its access to international capital markets, particularly after S&P Global Ratings upgraded its international debt rating to A- from BBB+ in December 2025. This upgrade places Reliance two notches above India's sovereign rating and is expected to reduce its borrowing costs.