Reliance Industries (RIL) secured over $7 billion in various offshore financing initiatives in FY24, and it would continue to monitor financial markets to seize suitable opportunities for capital raising to support its growth plans, the conglomerate said in its annual report. It obtained $4.45 in syndicated term loans facilities offshore.
Of this, $2-billion equivalent facilities were secured by RIL and its subsidiary, Reliance Jio Infocom, to finance capital expenditure. Another $2.45-billion equivalent facilities were arranged to refinance maturing debt. RIL said the transaction was well-subscribed in the primary syndication market from global lenders across geographies.
RJio also secured $2.2 billion to finance equipment and services for its pan-India 5G rollout comprising first-ever Finnish Export Credit Agency (Finnvera) supported facilities of $1.6-billion equivalent and $600-million equivalent facilities from Canadian Export Credit Agency.
It also tied up $625 million with Korean Export Credit Agency to finance the purchase of floating, production, storage and offloading vessel in the oil and gas business.
Domestic funds
From the domestic markets, the company had raised ₹20,000 crore through the issue of non-convertible debentures.
“RIL places a strong emphasis on liquidity management to ensure that the group always has an adequate cushion to effectively mitigate market disruptions and meet its short-term obligations,” it said.
Its total capex last fiscal was $15.8 billion, down from the $17 billion it had spent the previous year.