RIL Plans To Raise Rs 10,000 Crore In Debt

Reliance Industries, India's largest private sector enterprise, plans to raise up to Rs 10,000 crore in debt this fiscal to partially fund its $26 billion investment plan.

Mukesh Ambani-led RIL has scheduled an annual general meeting (AGM) of its shareholders to vote on the issue on June 18.

In order to augment long-term resources for financing, RIL may offer or invite subscription for secured/unsecured redeemable debentures, in one or more series, on private placement, redeemable at par, the company said in its annual report for 2013-14.

India's biggest company will build new petrochemical plants to boost the slowing oil and natural gas production.

RIL is also constructing a plant that will turn petroleum coke into synthetic gas, which will be used at the oil refineries to lower the cost. It also plans to open more retail stores and start a high speed broadband service.

The company is implementing several projects, both in the manufacturing domain and the services sector, to continue the tradition of creating significant shareholders value, RIL chairman and managing director Mukesh Ambani said in the annual report.