Reliance Industries has secured a $ 400 million equivalent loan from Italian export-credit agency

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SACE SpA, for expansion of its petrochemical capacity.

"SACE has guaranteed a $ 400 million equivalent loan granted to Reliance for the expansion and upgrading of the production capacity of its petrochemical plants, a gasification plant and refinery off-gas cracker as part of an investment plan in India worth over $ 11 billion," it said in a statement.

The SACE guarantee will support the contracts for the supply of goods and services awarded to Italian companies.

"This transaction, the fourth one concluded with Reliance since 2004, brings to $ 1 billion the overall credit facilities backed by SACE for the major Indian group," it said.

SACE and Reliance signed the loan agreement at SACE's headquarters in Rome today.

"SACE's guarantee is both a relevant growth catalyst and an important leverage for the competitiveness of Italian exporters, along with quality and price of products," Alessandro Castellano, CEO of SACE said.