Reliance seeks $2.7b in forex loans to refinance debt

Reliance seeks $2.7b in forex loans to refinance debt

REUTERS/Shailesh Andrade

Reliance Industries Ltd, among the biggest forex loan borrowers in India, is set to tap the foreign debt market to raise $2.7 billion to refinance its existing high-cost debt. RIL spent around ₹ 22,000 crore as capital expenditure on Reliance Jio Infocomm Ltd in the June quarter, and reported a net income of ₹ 9,459 crore in the same period. In Q1 FY19, RIL had an outstanding debt of ₹ 242,116 crore, up from ₹ 218,763 crore in the previous three months. Cash in hand marginally rose to ₹ 79,492 crore in the June quarter.

“We are planning to raise $ 2.7 billion in forex debt through the course of fiscal 2019. The money will be raised in multiple tranches and will be used to refinance some of our existing high cost forex debt,” a senior company official said, refusing to reveal more information.

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