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Business Companies 25 Jun 2019 RIL to raise USD 1.8 ...

RIL to raise USD 1.85 billion from offshore lenders to meet its needs

DECCAN CHRONICLE
Published Jun 25, 2019, 1:34 pm IST
Updated Jun 25, 2019, 1:34 pm IST
RIL has been inquired by the ministry to provide details of funding, operations and revenues.
Reliance Industries Chairman Mukesh Ambani. (Photo: PTI)
 Reliance Industries Chairman Mukesh Ambani. (Photo: PTI)

Mumbai: Mukesh Ambani-led Reliance industries has enrolled into pact with overseas banks for availing long term loans aggregating USD 1.85 billion, essentially for meeting a part of its planned capital consumption, the company informed the BSE on Tuesday.

"On an ongoing basis it evaluates financing opportunities with lenders in the normal course of business," RIL added.

 

In a recording to the BSE, RIL also clarified that the company occupying corporate social responsibility (CSR) funds for other exercises.

As per the report on 19 June, DNA had detailed that the Ministry of Corporate Affairs (MCA) served a notice to RIL for redirecting funds to the tune of Rs 1,740 crores, reserved for Corporate Social Responsibility (CSR), on its own existing businesses, subsequently breaching CSR standards. An official examination of Reliance’s CSR ventures may follow.

The move comes after a complaint was made by a whistle-blower to the Department of Economic Affairs of the Finance Ministry.

RIL said, "The Company has been providing information in response to the requirements of MCA. The MCA has recently sought additional information on CSR projects and the Company is in the process of providing the same to MCA."

Reliance Industries Limited (RIL) has been inquired by the ministry to provide details of funding, operations and incomes for each of the three CSR ventures for all financial years, beginning 2014-15 till date.

"The Company is proud to be the largest corporate contributor to CSR, in India. The company is in compliance with CSR requirements under Companies Act, 2013 and detailed disclosure is made in the Annual Report of the Company each year, duly certified by the Company's Statutory Auditors," it added.

At noon, RIL's stock was trading at Rs 1274.75 per share, up 0.96 per cent on the BSE.

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