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Reliance plans to raise $6bn for consumer biz

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MUMBAI: Reliance Industries Ltd has planned to raise about Rs 40,000 crore ($5.8 billion) in fresh debt for expansion of its consumer business, according to a Bloomberg report. The Mukesh Ambani-led company will raise funds through loans and bonds, mostly in the Indian currency.   

The refining-to-retail conglomerate holds shareholder approval to raise as much as Rs 20,000 crore through non-convertible debentures. Because of the company’s new telecom venture along with its traditional petrochemical business total debt has tripled in the past five years.

A part of the company’s investment this year will go for the roll out of newly announce fibre-broadband services. It will invest on acquisitions, including the purchase of telecom assets from Anil Ambani’s Reliance Communications Ltd. The company has agreed to pay about Rs 173 billion to purchase spectrum, mobile-phone towers and fiber assets from Reliance Communications.

According to data by Bloomberg, the company has total borrowings of about 2.2 trillion rupees currently. More than half of this debt has to be repaid by 2022. “Reliance needs funds to refinance existing long-term debt or replace short-term debt with longer tenors, and to fund its announced acquisitions,” Somshankar Sinha, a Mumbai-based analyst at Jefferies India said as quoted by Bloomberg.

After tapping the rupee bond market four times already this year Unit Reliance Jio on Tuesday sought bids to raise Rs 1500 crore via three-year notes.

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