Eye on consumer biz, Mukesh Ambani's RIL plans to raise Rs 400 bn in FY19

Reliance's total debt has tripled in the past 5 years as it borrowed to fuel more than Rs 3.3 trillion of spending on a new telecom venture

Reliance Industries Ltd., India’s second-largest company by market value, plans to raise about Rs 400 billion ($5.8 billion) in fresh debt this financial year as it expands its consumer businesses, according to people familiar with the matter.

The billionaire Mukesh Ambani-led company will raise funds through loans and bonds, mostly in the Indian currency, the people said asking not to be named as they are not authorised to speak to the media. Of this, the refining-to-retail conglomerate already has shareholder approval to raise as much as Rs 200 billion through non-convertible debentures.

Reliance’s total debt has tripled in the past five