RIL plans to raise up to Rs. 10,000 cr in debt.

Reliance Industries Ltd. plans to raise up to Rs. 10,000 crore in debt this fiscal to part fund its USD 26 billion investment plan.

RIL has sought shareholder nod to raise funds through non-convertible debenture in one or more tranches. The company 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, inter alia, the ongoing capital expenditure and for general corporate purposes, the Company may offer or invite subscription for secured/unsecured redeemable non-convertible debentures, in one or more series/tranches on private placement, issuable/redeemable at par,' the company said in its annual report for 2013-14 fiscal.

India's biggest company is expanding its existing petrochemicals plants and will build new ones to improve margins from its refining business even as it drills more wells to boost slowing oil and natural gas production. Besides, RIL is constructing a plant that will turn petroleum coke into synthetic gas, which will be used at the oil refineries to lower cost. It also plans to open more retail stores and start a high-speed broadband service. 'We are implementing several projects both in the manufacturing domain and service sector to continue the tradition of creating significant shareholders value,' RIL Chairman and Managing Director Mukesh Ambani said in the annual report.

Deccan Chronicle