In a landmark moment for Indian corporate finance, Reliance Industries Limited became the first Indian company to issue Global Depository Receipts (GDRs) in 1992, paving the way for Indian firms to access international capital markets.
The move came in the wake of India’s liberalization reforms and marked a bold step toward global investor participation in the Indian growth story. Listed on the Luxembourg Stock Exchange, Reliance’s GDR issue attracted wide interest from foreign institutional investors, raising millions in foreign exchange.
“Reliance’s GDR issue wasn’t just a capital-raising move — it was India Inc.’s formal debut on the global financial stage,” said a senior economist.
- Company: Reliance Industries Limited
- Event: India’s first GDR issue
- Year: 1992
- Listed on: Luxembourg Stock Exchange
- Purpose: Access to global capital, boost foreign investment
GDRs are financial instruments used by companies to raise capital from foreign markets without direct listing in that country. Reliance’s pioneering issue opened the door for many other Indian companies to raise funds abroad, accelerating foreign portfolio investment in India.
This historic step helped position Indian companies as credible global investment opportunities and aligned with the broader push toward economic liberalization and globalization in the 1990s.
