With an eye on $33 bn debt pile, RIL making room to add $3 bn to borrowings

The retail-to-refining conglomerate's debt has tripled over five years

Reliance Industries Ltd. is making room to add as much as Rs 200 billion  ($3 billion) to borrowings, using its cash buffer to manage rising funding costs and $13 billion of maturities over the next three years.

The billionaire Mukesh Ambani-led company will seek approval to issue redeemable non-convertible debentures at its July 5 shareholder meeting in Mumbai, it said in its latest annual report, without specifying how the money will be used. Reliance has total debt of about $33 billion, more than half of which is due for repayment by 2022, according to data compiled by Bloomberg.

The retail-to-refining