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Reliance Industries refinances $2.3 bn loans to cut interest cost
Reliance Industries (RIL) refinanced $2.3 billion of syndicate and club loans resulting in substantial interest savings, according to RIL’s Chairman Mukesh Ambani. RIL had a gross debt of Rs 1,96,601 crore as on March 31, 2017, most of which was taken to fund its fourth- generation telecom venture, Reliance Jio.
New Delhi: Reliance Industries (RIL) refinanced $2.3 billion of syndicate and club loans resulting in substantial interest savings, according to RIL’s Chairman Mukesh Ambani. RIL had a gross debt of Rs 1,96,601 crore as on March 31, 2017, most of which was taken to fund its fourth- generation telecom venture, Reliance Jio.
Invested Rs 1,14,742 cr in FY17, highest ever by any corporate in India
“During the year, our company has successfully refinanced long-term financing of $1.75 billion syndicated loan and $550 million club loan aggregating to $2.3 billion resulting in substantial interest savings over the remaining life of these loans.
This was the largest amount syndicated by RIL since 2007,” Ambani said RIL’s latest annual report. He, however, did not give details of the interest saving. In the annual report for 2016-17, he said the company invested Rs 1,14,742 crore ($17.7 billion) during the fiscal, the highest ever by any corporate in India.
“This capex has been funded, while maintaining investment grade ratings. Our strong balance sheet and conservative financial profile are reflected through the strong credit ratings.
