Reliance plans to raise Rs.10,000 crore in debt
Reliance Industries (RIL) plans to raise Rs.10,000 crore by issuing privately-placed redeemable non-convertible debentures.
The company has sought shareholders’ approval at the 42nd annual general meeting scheduled for September 1, 2016.
In a letter to shareholders, RIL chairman Mukesh Ambani, who capped his salary to Rs.15 crore for the eighth consecutive year said: “We have invested over Rs.112,000 crore ($17 billion) in FY 2015-16, the highest-ever by any corporate in Indian history.”
During the year, RIL and its subsidiaries tied-up long-term foreign currency facilities of about $6.3 billion. “With its unparalleled access to global debt markets, Reliance successfully re-priced and re-financed debt instruments thereby reducing interest cost.
“This year we concluded the largest financing transaction globally in the telecom sector supported by K-sure. This was also the longest tenure telecom financing supported by K-sure,” Mr. Ambani said.
KG basin
Domestic gas production from its KG basin block has declined. But the company is upbeat with Centre’s new gas pricing policy which provides marketing and pricing leeway for production from discoveries in deep water, ultra-deep water and high-pressure high-temperature areas.
“Both Reliance and its partner BP are evaluating the new policy and investment plans to develop discovered resources,” Mr. Ambani. With RIL’s biggest capex cycle nearing completion, fruits of more than $35 billion investments are expected in FY 2016-17, according to RIL’s annual report to its shareholders.
Reliance Jio
On Reliance Retail, Ambani said: “With over Rs.20,000 crore of revenue, it is India’s largest retailer and has sustained a growth rate of 29% CAGR in the last five years.”
However, Ambani didn’t mention about the start of Reliance Jio’s commercial operations.
In last year’s AGM, Ambani promised shareholders that FY17 will be the first full year of commercial operations of Reliance Jio.
NEW DELHI: The first information report filed recently against Mukesh Ambani and others by the Delhi anti-corruption bureau alleges that Read more
Prime Minister Narendra Modi, Reliance Industries Chairman Mukesh Ambani and Google’s India-born CEO Sundar Pichai are among over 50 global Read more
PARIS: Coinciding with India's move to launch an International Solar Alliance of over 100 sunshine-rich countries, the world's top industrialists Read more
State-run Indian Oil Corporation (IOC) retained top ranking in 2015 for the sixth consecutive year in the list of global Read more
