Reliance Industries Ltd said it has strengthened its balance sheet by securing funds at competitive rates to finance capital expenditures, facilitate business expansion, and refinance existing debts despite challenging market conditions.
"RIL and its subsidiaries successfully raised financing across various markets, currencies, and financial products at competitive cost to finance capital expenditure, support business expansion, and refinance maturing debt," the company said in its annual report on August 7.
RIL issued 10-year non-convertible debentures worth Rs 20,000 crore in FY24, it said. "The NCDs were issued at rates which were RIL’s lowest coupon ever and at the tightest spread over sovereign credit," the annual report said.
Furthermore, RIL secured loans worth $4.45 billion through two deals in FY24, including a $2 billion secured by Reliance Jio Infocom Ltd (RJIL), to finance capital expenditure and $2.45 billion to refinance maturing debt.
RIL said its $2.35 billion syndicated term loan was well-subscribed in the primary syndication market from global lenders across geographies.
Mukesh Ambani, chairman and managing director of RIL on August 7 also said that RIL now ready for the next level of growth after consolidating its balance sheets in FY24.
"Our constant endeavour to find solutions for India and Indians has helped us spot multiple growth opportunities that have expanded our business portfolio. This portfolio now enables us to touch the lives of millions of Indians through multiple products and offerings," Mukesh Ambani said.
Reliance Industries reported a consolidated EBITDA of Rs 1.79 lakh crore for FY24, with net profit at Rs 79,020 crore.
The company also partnered with Export Credit Agencies (ECA) of Finland, Canada, and South Korea to raise funding for $2.83 billion equivalent during the year.
Reliance Jio also secured $2.2 billion in funding from the Finnish Export Credit Agency (Finnvera) and Canadian Export Credit Agency to finance equipment and services for its pan-India 5G rollout.
Similarly, RIL tied up with the Korean Export Credit Agency for debt worth $625 million to finance the purchase of floating, production, storage and offloading vessels in its oil & gas business.
Disclaimer: Moneycontrol is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.
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