RIL Secures Over $7 Billion in Offshore Facilities for FY24.

Reliance Industries (RIL) has successfully secured more than $7 billion through various offshore financing initiatives for the fiscal year 2024, according to its annual report. The conglomerate plans to continue monitoring financial markets to capitalize on suitable opportunities for raising capital to support its growth objectives.

RIL obtained $4.45 billion in syndicated term loan facilities offshore. Of this, $2 billion equivalent was allocated to capital expenditure for RIL and its subsidiary, Reliance Jio Infocom. An additional $2.45 billion equivalent was arranged to refinance maturing debt. The transaction was notably well-subscribed in the primary syndication market by global lenders from multiple geographies.

Reliance Jio also secured $2.2 billion to support its pan-India 5G rollout. This includes $1.6 billion in facilities backed by the Finnish Export Credit Agency (Finnvera) and $600 million from the Canadian Export Credit Agency. Additionally, RIL obtained $625 million from the Korean Export Credit Agency to finance the acquisition of a floating production, storage, and offloading vessel for its oil and gas operations.

Domestically, the company raised ₹20,000 crore through the issuance of non-convertible debentures.

RIL emphasized its focus on liquidity management to ensure sufficient resources to navigate market disruptions and meet short-term obligations. The company's total capital expenditure for the last fiscal year was $15.8 billion, a decrease from the $17 billion spent in the previous year.

HBL