RIL to raise $1.85 billion from offshore lenders

MUMBAI: Reliance Industries (RIL) has entered into agreements with offshore lenders for availing long term loans aggregating $1.85 billion, primarily for meeting a part of its planned capital expenditure, the company informed the BSE today.

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

In a filing to the BSE, RIL also clarified on a news item about the company diverting CSR (corporate social responsibility) funds for other activities.

On 19 June, DNA had reported that the Ministry of Corporate Affairs (MCA) served a notice to RIL for diverting funds to the tune of Rs 1,740 crores, earmarked for Corporate Social Responsibility (CSR), on its own existing businesses, thereby violating CSR norms. An official investigation of Reliance’s CSR projects may follow, the report added.

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

"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," RIL said.

The three CSR projects of RIL which have come under the scanner include Sir HN Reliance Foundation Hospital and Research Centre (Mumbai), Reliance University (Jio University, Navi Mumbai), and Lodhivali Hospital and Art Clinic (Dhirubhai Ambani Hospital, Lodhivali).

RIL has been asked by the ministry to furnish details of funding, operations and revenues for each of the three CSR projects for all financial years, starting 2014-15 till date.

In the BSE filing, RIL said the company carries out its CSR activities on pan India basis through its implementation agency viz. Reliance Foundation and also in co-operation with certain other reputed agencies.

"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 said.

At noon, RIL's scrip was trading at Rs 1274.75 a piece, up 0.96% on the BSE.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.