Reliance Industries plans to raise about Rs 400 billion in fresh debt this financial year as it expands its consumer businesses, Bloomberg reported on Wednesday.
India’s second-largest company by market value will raise funds through loans and bonds, mostly in the Indian currency, the report said citing people familiar with the matter.
Reliance’s total debt has tripled in the past five years as it borrowed to fuel more than Rs 3.3 trillion of spending on a new telecom venture and its traditional petrochemicals business. The company has total borrowings of about Rs 2.2 trillion, more than half of which is due to be repaid by 2022, according to data compiled by Bloomberg.
A spokesman for Reliance didn’t respond to an email from Bloomberg seeking comment.
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