RIL refinances $2.3 billion loans to cut interest cost

RIL refinances $2.3 billion loans to cut interest cost

Reliance Industries refinanced $ 2.3 billion of syndicate and club loans resulting in substantial interest savings, company Chairman Mukesh Ambani has said.

The company had a gross debt of Rs 1,96,601 crore as on March 31, most of which was taken to fund its fourth- generation telecom venture, Reliance Jio.

“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. Read More…

 

 

 

Credit By: The Economic Times

 

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