Cash-rich Reliance eyes $2.7 bn in fresh forex loans to refinance high cost debt

Mukesh Ambani, Chairman of Reliance Industries, delivers his speech during the inauguration of the India Mobile Congress. (EXPRESS PHOTO)

MUMBAI: The cash-rich Reliance Industries, which also is one of the biggest forex loan borrowers in the country, is set to tap the foreign debt market to raise USD 2.7 billion to refinance its existing high-cost debt.

As of the June 2018 quarter, the Mukesh Ambani-led company had an outstanding debt of Rs 2,42,116 crore, which rose from Rs 2,18,763 crore from March 2018, while cash in hand marginally rose to Rs 79,492 crore.

 

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Credit: indianexpress.com