INDUSTRY NEWS

RIL plans to raise $2 billion foreign debt for capex

Reliance Industries (RIL) is planning to raise as much as $2 billion (Rs 14,370 crore) via overseas syndicated loans to fund routine capital expenditure in telecommunications and petroleum businesses. This would be among the largest fundraising efforts by an Indian company in fiscal 2020.

RIL is in talks with at least a dozen banks including Barclays, Citigroup, JP Morgan, Morgan Stanley and MUFG and plans to launch the formal process to raise funds by mid-February, multiple people with knowledge of the matter told ET. The money could be raised in one or two tranches.

“Initial talks have started. This fundraising is for the routine capital expenditure and would ideally be completed before fiscal-end,” said one of the persons. Read More

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