Reliance Industries Ltd., which runs one of India’s biggest treasury operations, went on a shopping spree for local five-year bonds just weeks ahead of a crucial central bank policy meeting, according to people with knowledge of the matter.
The company bought about $270 million worth of state bonds from a single state-run bank, according to one of the people, with others adding that total purchases may have exceeded $1 billion in last few days based on brokerage orders and trade deals reported on the central bank platform. The people asked not to be identified as the details are private.
