RIL borrows $2 billion to purchase equipment
RIL borrows $2 billion to purchase equipment
Mumbai:Reliance Industries Ltd (RIL), India’s biggest company by market value, borrowed $2 billion (around ₹ 10,700 crore today) to fund purchases of equipment and services from Germany, part of a plan to expand its petrochemicals business.
The company’s ₹ 70,250 crore of cash and equivalents as of March surpassed its ₹ 68,260 crore debt, according to a 20 April statement.
RIL, owner of the world’s largest oil refining complex, is planning a $8 billion petrochemicals expansion as it bets Indian demand for materials used to make plastics and polyester will help counter weak global fuel sales. The proposed spending will be the highest since RIL completed its second oil refinery in 2008.
Shares of the company, controlled by Mukesh Ambani, fell for the sixth day on Wednesday, declining 1.9% to ₹ 695.10 on BSE.
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