Reliance Seeks $2.5 Billion Debt for Capex, Looming Repayments
- Ambani’s group saw its debt surge by 24% by end-December
- Interest rate hikes pushed up finance cost in latest earnings
A Reliance Industries Ltd. gas station in Mumbai, India.
Photographer: Abhijit Bhatlekar/Bloomberg
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Reliance Industries Ltd. secured board approval to raise as much as 200 billion rupees ($2.5 billion) as billionaire Mukesh Ambani’s conglomerate prepares to repay looming maturities and fund new projects.
Undeterred by monetary tightening globally, India’s largest company by market value plans to raise the funds through private placement of bonds in one or more tranches, according to an exchange filing Friday. Earlier in the day, it posted a quarterly profit that beat analyst estimates.