Barely days after signing a $3 billion financing in India’s most widely syndicated loan, Reliance Industries Ltd and its unit Reliance Jio Infocomm have raised $2 billion add-on foreign currency facility at most competitive rates, sources said.

The $3-billion financing closed on March 31. The fundraising is the largest through syndicated term loans by an Indian corporate house in at least five years, banking sources involved in the deal said.

The primary syndication of $3 billion involved around 55 lenders, including nearly two dozen Taiwanese banks as well as global giants such as Bank of America, HSBC, MUFG, Citi, SMBC, Mizuho and Credit Agricole. The new loan of $2 billion has the same terms as the borrowing signed on March 31, with 55 lenders, including 40 that joined in two phases of syndication.

Sources said the blowout response was not surprising considering the momentum the $3 billion borrowing had already generated in the senior phase by mid-January when it was launched into general syndication. The oil-to-telecom conglomerate is one of the most sought-after credits from India and enjoys deep banking relationships.

“This was visible from the remarkable response to the $3-billion loan, but also from the reception the $2-billion add-on has already received,” a senior banker said.

Eighteen banks, including the 15 senior MLABs of the $3-billion loan and others joining in the senior phase, are expected to form the syndicate for the $2-billion add-on, which is split equally for Reliance and Jio, and is likely to be wrapped up by the end of the month. MLAB refers to Mandated Lead Arranger and Book Runner.

The decision to raise another USD 2 billion stems from the overwhelming response from the market as lenders remain hungry for the blue-chip group that has not been active in the syndicated loan market in recent years.