Billionaire industrialist Mukesh Ambani-led Reliance Industries is looking to raise up to $1.5 billion (about Rs. 67,500 crore) of overseas loans, largely to replace its existing higher interest borrowings.

Sources said the energy-to-retail conglomerate was looking to raise the funds through dollar-denominated loans and has begun the process of finalising the syndicate banks for the same.

A company spokesperson refused comment on the debt raising plans.

Sources said that RIL could look at raising over $1 billion of dollar loans to repay its existing loans maturing in a couple of years, while it would also look at further $400-500 million of fresh borrowings from abroad.

Last year in October, RIl had raised $1.5 billion for the first time through bonds denominated in US dollars.

While it raised $1 billion through 10-year bonds, another $500 million were arranged through sale of 30-year bonds.

These funds were raised through RIL's wholly owned subsidiary Reliance Holding USA Inc.

This $1.5 billion dollar bond sale was the company's first such bond issue after 13 years.

Besides, it was the largest-ever public market offshore bond offering by RIL and largest ever corporate bond from India.

This debt raising exercise was followed by plans to raise funds through sale of bonds in global markets by other Indian companies.

These companies included the likes of Anil Ambani group firm Reliance Communications, ICICI Bank, Axis Bank, Essar Energy, JSW Steel and IDBI Bank.