The Economic Times 9th August 2013 Pg.

1 Reliance Set to Go on $4-b Chase in Next Few Months Plans to lock in borrowings before Fed tapering
ARIJIT BARMAN MUMBAI

RIL, Indias second most-valuable company, is hitting the road to raise a little over $3.8 billion in the next few months from various financial institutions, exim banks and export credit agencies for a variety of corporate purposes across business verticals, said multiple sources aware of the development. The fund-raising plans are significant in the current state of acute pessimism where slow demand and regulatory hurdles have forced most companies to put large projects on hold. For a company that generates almost 65% of its revenues abroad, the plan is to lock in borrowing costs before the US Federal Reserve starts pruning its fiscal stimulus the $85-billion monthly bond purchase programme later in the year. To start with, RIL is finalising terms for a $1.75-billion overseas borrowing in August to refinance a $1.2-billion 2008 multicurrency facility and also to raise $550 million of new money for another six years. Simultaneously, the petrochemical-to-telecom conglomerate will be raising a $600-million loan by September as an ECB. It is also exploring raising another $1.5 billion as exim financing. Of this, while $750 million will come in from Korea Trade Investment Corporation (K-Sure) in lieu of telecom equipment imports for Reliance Jio Infocomm, negotiations are on with export credit agencies of the UK and France for the remaining quantum. A RIL spokesperson refused to comment on the companys fundraising plans.