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Home > Uncategorized > RIL plans to raise up to Rs. 10,000 cr in debt

RIL plans to raise up to Rs. 10,000 cr in debt

afternoonvoice@gmail.com' by Afternoon Voice
May 22, 2014
in Uncategorized
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Reliance Industries Ltd plans to raise up to Rs 10,000 crore in debt this fiscal to part fund its USD 26 billion investment plan.

RIL has sought shareholder nod to raise funds through non-convertible debenture in one or more tranches. The company has scheduled an annual general meeting (AGM) of its shareholders to vote on the issue on June 18.

“In order to augment long term resources for financing, inter alia, the ongoing capital expenditure and for general corporate purposes, the Company may offer or invite subscription for secured/unsecured redeemable non-convertible debentures, in one or more series/tranches on private placement, issuable/redeemable at par,” the company said in its annual report for 2013-14 fiscal.

India’s biggest company is expanding its existing petrochemicals plants and will build new ones to improve margins from its refining business even as it drills more wells to boost slowing oil and natural gas production.

Besides, RIL is constructing a plant that will turn petroleum coke into synthetic gas, which will be used at the oil refineries to lower cost. It also plans to open more retail stores and start a high-speed broadband service.

“We are implementing several projects both in the manufacturing domain and service sector to continue the tradition of creating significant shareholders value,” RIL Chairman and Managing Director Mukesh Ambani said in the annual report.

The resolution for fund raising did not elaborate on which of its projects the money would be used.

“We have a strong balance sheet to support our ambitious growth plans,” Ambani said.

RIL has commenced work on all the major value-enhancing projects such as petcoke gasification project and refinery off-gas cracker project (ROGC).

After two years of being a debt-free company on a net level, oil-to-yarn and retail conglomerate once again net debt on its balance sheet.

Its total debt as on March 31, 2014, stood at Rs 89,968 crore, up 24.2 per cent from Rs 72,427 crore a year ago. It had a cash in hand Rs 88,190 crore.

afternoonvoice@gmail.com'

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