India’s Reliance Industries is in talks with banks for a loan of as much as $3 billion to refinance debt that is due next year, Bloomberg News reported on Tuesday, citing people familiar with the matter.

Around six banks are in talks with the company for the loan, which would be syndicated to the wider market in the first quarter of 2025, the report said, adding that the terms of the loan have not been finalized yet and are subject to changes.

Reliance did not immediately reply to Reuters’ request for comment.

India’s Reliance profits drop on weak oil-to-chemicals arm

Its billionaire chairman Mukesh Ambani told shareholders in August that the conglomerate is on track to more than double in size before the end of the decade, as it unveiled measures to step up its adoption of artificial intelligence.

Reliance’s outstanding debt as of Sept. 30 was 3.36 trillion rupees ($39.60 billion).