India’s largest petrochemical producer, Reliance Industries Ltd , is expected to launch a $750 million eurobond at the end of this month, a market source familiar with the deal said.

“It is probably for the last week of January,” the source said.
The deal will be one of the largest non-sovereign overseas debt issues that India has in the pipeline, if not the largest.
Attracted by low global interest rates and weakening foreign currencies, Indian corporates are charging into overseas markets to raise funds. An economic boom has also boosted investor confidence in India, Asia’s third-largest economy.
Indian companies raised $1.4 billion in the 11 months to November last year in overseas loans and bonds, against $1 billion in the whole of 2002, according to data from debt market news service BasisPoint.
Analysts say Asian oil and power companies are poised to boost overseas bond issues beyond 2002’s record $8 billion in the next few years to bankroll much-needed expansion. Low interest rates and investor enthusiasm for Asia’s economic growth have encouraged the companies to issue debt.
“The Indian economy is doing very well. Its foreign exchange reserves are increasing, which bodes well for corporate issues from India’s companies,” said a bond trader at DBS Asset Management in Singapore.
Analysts said the launch by Reliance — which also has oil refining operations — is expected to be well received among investors, given the solid track record of India’s largest private-sector company.
“I think the bond deal should do pretty well and the company’s credit profile has just continued to improve over time as well,” said Pradeep Mohinani, credit analyst at JP Morgan in Hong Kong.