Image Source: Adage India
Reliance Industries Ltd. is all set to tap into the foreign debt market to raise USD 2.7 bn to refinance its high cost debt. One of the biggest forex loan borrowers in the country, Reliance’s outstanding debt has been rising rapidly as its full-fledged telecom business keeps on draining cash. “We are planning to raise USD 2.7 billion in forex debt through the course of the fiscal 2019. The money will be raised in multiple tranches and will be used to refinance some of our existing high cost forex debt,” said a senior official at Reliance Industries refusing to reveal any more information.
Source: The Economic Times