India’s Reliance Industries Ltd stated that it plans to raise up to $5 billion in dollar-denominated debt and use proceeds primarily to refinance its existing borrowings. On Saturday, the Mukesh Ambani-owned oil-to-telecoms conglomerate stated that the proposal for fixed rate notes, which could be issued in one or more branches, was approved by the board in a meeting.
While the company did not give further details on the use of proceeds, the Economic Times newspaper stated that it will be used refinance earlier debt raised from international investors, with a bundle of loans coming up for maturities in the next three to four months. The newspaper stated that the offering would be the largest offshore raising by an Indian borrower in one go, adding that the move will be debt-neutral to the company.
Reliance’s products and services portfolio touches almost all Indians on a daily basis, across economic and social spectrums. We are now focussed on building platforms that will herald the Fourth Industrial Revolution and will create opportunities and avenues for India and all its citizens to realise their true potential.
