Mumbai, Dec. 10: Reliance Industries (RIL) has availed itself of a $400-million financing facility from JPMorgan for various investment projects in the country.

“The structured finance solution created by JPMorgan with the Export-Import Bank of the United States, involves an 11-year facility,” said a press release issued by JPMorgan. These funds will be used to support RIL’s equipment purchases from 17 US suppliers.

Simon Jones, head of JP Morgan’s treasury services in the Asia Pacific, said, “We are pleased to have the opportunity to support Reliance’s investments through this financing facility. We expect to see a rapid growth in the demand for US export programmes in the near future, especially for clients seeking long-term financing solutions.”

RIL declined to comment on the fund-raising exercise. There is no clarity on the cost of funds in this agreement.