15 February 2007 14:51 [Source: ICIS news]
NEW DELHI (ICIS news)--India’s Reliance Industries Limited (RIL) said on Thursday that its Board of Directors will meet on 24 February to consider various options to raise additional funds to finance new projects.
The board will also review its decision, taken on 9 November, to mobilise $2bn from overseas capital markets to fund its upstream business.
In a communication to the Bombay Stock Exchange, RIL said the board will discuss raising further resources to finance ongoing capital expenditure across several new projects through syndicate loans, non-convertible debentures, convertible debentures, external commercial borrowings, foreign currency convertible bonds, preference shares, warrants and other means.
The announcement comes against the backdrop of reports over the last few months that the company may demerge gas reserves in the Kishna-Godavari basin off the coast of ?xml:namespace>
Global majors such as Chevron and BP have been mentioned in the local media as potential investors for the project.
Reliance is also considering entering the financial services sector to support its existing businesses, local reports said.
In the nine month period ending 31 December of the current financial year, the company invested Indian rupees (Rs) 50.99bn ($1.2bn) in projects including Rs2.7bn on its petrochemicals expansion.
($1 = Rs44.1)
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