Reliance to raise USD1.85 billion term loans from offshore banks

New Delhi: Oil-to-telecom conglomerate Reliance Industries (RIL) Tuesday said it has signed pacts with overseas lenders to avail long-term loans of USD 1.85 billion (about Rs 12,900 crore) to finance its capital expenditure. The fund raising comes amid reports of the company planning to infuse as much as Rs 20,000 crore into its telecom unit, Jio, to bolster broadband and e-commerce play ahead of a potential entry into 5G mobile telephony services in future. "The company has entered into agreements with offshore lenders for availing long-term loans aggregating USD 1.85 billion, primarily for meeting a part of its planned capital expenditure, in the normal course of its business," RIL said in a regulatory filing.

Without giving details of the loans such as tenure and the interest rate, it went on to say that the company on an ongoing basis evaluates financing opportunities with lenders in the normal course of business and would make requisite disclosures as per regulations. In a separate filing on a report that the company is under government lens for alleged diversion of Rs 1,700 crore CSR fund, RIL said the Ministry of Corporate Affairs (MCA) has been seeking information from the company from time to time about its CSR activities. The filing was made after stock exchanges sought clarification from RIL on a media report that the company was under MCA lens for diverting corporate social responsibility (CSR) funds.

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