Mumbai: Cash-rich Reliance Industries, which also is one of the biggest forex loan borrowers, is set to tap the foreign debt market to raise $2.7 billion to refinance its existing high-cost debt.
At the end of June 2018, the firm 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. The company had spent about Rs. 22,000 crore in capex during the quarter mostly into the still cash-burning telecom venture, and reported a net income of Rs. 9,459 crore. Its outstanding debt has been rising as its telecom unit continues to drain cash.