Reliance Industries, the Indian conglomerate controlled by billionaire Mukesh Ambani, is planning to raise as much as $5 billion through the issuance of bonds to refinance its existing debt.
The US dollar-denominated senior unsecured notes will be issued in one or more tranches, Reliance said in a statement to the Bombay Stock Exchange, where its shares are traded.
“The proceeds from the issuance of the notes will be utilised primarily for refinancing of existing borrowings, in accordance with the applicable law,” the company said after its board meeting on Saturday.
Sovereign borrowers, government related entities and corporate issuers are looking to tap into international debt markets to take advantage of low interest rates prevailing globally. Abu Dhabi Ports raised $1bn through the issuance of a 10-year bond last year. First Abu Dhabi Bank and other regional financial institutions and corporate borrowers also issued bonds in 2021.
The latest announcement from Reliance comes as it looks to expand its operations globally to boost growth. Last year, it formed a wholly owned subsidiary in the UAE that will trade oil, petroleum, petrochemical products and agricultural commodities.
The new unit, Reliance International Limited, will be incorporated within the Abu Dhabi Global Market, the company said in October.
It is also setting up a joint venture with the Abu Dhabi Chemicals Derivatives Company, better known as Ta’ziz, to develop a major chemicals project at the Ta’ziz industrial chemicals zone in Ruwais.
The joint-venture, Ta'ziz EDC & PVC, will construct and operate a chlor-alkali, ethylene dichloride and polyvinyl chloride (PVC) plant with an investment of more than $2bn, Adnoc said in December.
The Ta’ziz Industrial Chemicals Zone is a joint venture between Adnoc and Abu Dhabi's ADQ.
The Indian conglomerate, which has interests from retail to oil, is also pivoting towards renewable energy as it aims to become carbon neutral by 2035. Its renewable subsidiary, Reliance New Energy Solar, is investing $144m in US energy storage company Ambri along with other investors, including Paulson & Co and US billionaire Bill Gates.
Last week, RNES purchased UK’s Faradion, a sodium-ion battery technology company, for an enterprise value of £100m (135.23m), marking the company’s sixth green deal.
Reliance also bought a stake in a high-end fashion brand, owned by Indian fashion designer Manish Malhotra last year as part of its expansion plans.
Reliance Industries' net profit in the three months ending September 30 surged 43 per cent to 136.8bn rupees ($1.83bn) as revenue grew by 50 per cent a year to 1.74 trillion rupees. The company recorded growth across all its business units during the period.
Day 3, Dubai Test: At a glance
Moment of the day Lahiru Gamage, the Sri Lanka pace bowler, has had to play a lot of cricket to earn a shot at the top level. The 29-year-old debutant first played a first-class game 11 years ago. His first Test wicket was one to savour, bowling Pakistan opener Shan Masood through the gate. It set the rot in motion for Pakistan’s batting.
Stat of the day – 73 Haris Sohail took 73 balls to hit a boundary. Which is a peculiar quirk, given the aggressive intent he showed from the off. Pakistan’s batsmen were implored to attack Rangana Herath after their implosion against his left-arm spin in Abu Dhabi. Haris did his best to oblige, smacking the second ball he faced for a huge straight six.
The verdict One year ago, when Pakistan played their first day-night Test at this ground, they held a 222-run lead over West Indies on first innings. The away side still pushed their hosts relatively close on the final night. With the opposite almost exactly the case this time around, Pakistan still have to hope they can salvage a win from somewhere.
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Terror attacks in Paris, November 13, 2015
- At 9.16pm, three suicide attackers killed one person outside the Atade de France during a foootball match between France and Germany
- At 9.25pm, three attackers opened fire on restaurants and cafes over 20 minutes, killing 39 people
- Shortly after 9.40pm, three other attackers launched a three-hour raid on the Bataclan, in which 1,500 people had gathered to watch a rock concert. In total, 90 people were killed
- Salah Abdeslam, the only survivor of the terrorists, did not directly participate in the attacks, thought to be due to a technical glitch in his suicide vest
- He fled to Belgium and was involved in attacks on Brussels in March 2016. He is serving a life sentence in France
RESULTS
1.30pm Handicap (PA) Dh 50,000 (Dirt) 1,400m
Winner AF Almomayaz, Hugo Lebouc (jockey), Ali Rashid Al Raihe (trainer)
2pm Handicap (TB) Dh 84,000 (D) 1,400m
Winner Karaginsky, Tadhg O’Shea, Satish Seemar.
2.30pm Maiden (TB) Dh 60,000 (D) 1,200m
Winner Sadeedd, Ryan Curatolo, Nicholas Bachalard.
3pm Conditions (TB) Dh 100,000 (D) 1,950m
Winner Blue Sovereign, Clement Lecoeuvre, Erwan Charpy.
3.30pm Handicap (TB) Dh 76,000 (D) 1,800m
Winner Tailor’s Row, Royston Ffrench, Salem bin Ghadayer.
4pm Maiden (TB) Dh 60,000 (D) 1,600m
Winner Bladesmith, Tadhg O’Shea, Satish Seemar.
4.30pm Handicap (TB) Dh 68,000 (D) 1,000m
Winner Shanaghai City, Fabrice Veron, Rashed Bouresly.
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
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Fresh faces in UAE side
Khalifa Mubarak (24) An accomplished centre-back, the Al Nasr defender’s progress has been hampered in the past by injury. With not many options in central defence, he would bolster what can be a problem area.
Ali Salmeen (22) Has been superb at the heart of Al Wasl’s midfield these past two seasons, with the Dubai club flourishing under manager Rodolfo Arrubarrena. Would add workrate and composure to the centre of the park.
Mohammed Jamal (23) Enjoyed a stellar 2016/17 Arabian Gulf League campaign, proving integral to Al Jazira as the capital club sealed the championship for only a second time. A tenacious and disciplined central midfielder.
Khalfan Mubarak (22) One of the most exciting players in the UAE, the Al Jazira playmaker has been likened in style to Omar Abdulrahman. Has minimal international experience already, but there should be much more to come.
Jassim Yaqoub (20) Another incredibly exciting prospect, the Al Nasr winger is becoming a regular contributor at club level. Pacey, direct and with an eye for goal, he would provide the team’s attack an extra dimension.
MATCH INFO
FA Cup final
Chelsea 1
Hazard (22' pen)
Manchester United 0
Man of the match: Eden Hazard (Chelsea)
Gulf Under 19s final
Dubai College A 50-12 Dubai College B
A State of Passion
Directors: Carol Mansour and Muna Khalidi
Stars: Dr Ghassan Abu-Sittah
Rating: 4/5
