India's Reliance Industries seeks to raise up to $5b in US debt

Photo: Reuters

India’s Reliance Industries Ltd said it plans to raise up to $5 billion in dollar-denominated debt and use proceeds primarily to refinance its existing borrowings.

The Mukesh Ambani-owned oil-to-telecoms conglomerate said that the proposal for fixed rate notes, which could be issued in one or more tranches, was approved by the board in a meeting on Saturday.

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