MAM
Reliance plans to raise $6bn for consumer biz
MUMBAI: Reliance Industries Ltd has planned to raise about Rs 40,000 crore ($5.8 billion) in fresh debt for expansion of its consumer business, according to a Bloomberg report. The Mukesh Ambani-led company will raise funds through loans and bonds, mostly in the Indian currency.
The refining-to-retail conglomerate holds shareholder approval to raise as much as Rs 20,000 crore through non-convertible debentures. Because of the company’s new telecom venture along with its traditional petrochemical business total debt has tripled in the past five years.
A part of the company’s investment this year will go for the roll out of newly announce fibre-broadband services. It will invest on acquisitions, including the purchase of telecom assets from Anil Ambani’s Reliance Communications Ltd. The company has agreed to pay about Rs 173 billion to purchase spectrum, mobile-phone towers and fiber assets from Reliance Communications.
According to data by Bloomberg, the company has total borrowings of about 2.2 trillion rupees currently. More than half of this debt has to be repaid by 2022. “Reliance needs funds to refinance existing long-term debt or replace short-term debt with longer tenors, and to fund its announced acquisitions,” Somshankar Sinha, a Mumbai-based analyst at Jefferies India said as quoted by Bloomberg.
After tapping the rupee bond market four times already this year Unit Reliance Jio on Tuesday sought bids to raise Rs 1500 crore via three-year notes.
Brands
Primus Partners appoints Akasa Air co-founder Neelu Khatri as independent director
Veteran aviation and defence professional joins as independent director
NEW DELHI: Primus Partners has appointed Neelu Khatri, a founding member of Akasa Air, as an independent director, strengthening the consulting firm’s board as it prepares for its next phase of growth.
Khatri brings more than three decades of experience across defence, aviation, aerospace technology and consulting. She was part of the core team that helped build Akasa Air from concept to launch, contributing to what has been widely described as one of the fastest airline scale ups in recent aviation history.
At Primus Partners, she will provide strategic guidance on corporate governance and help steer the firm’s long term growth plans. Her experience of building a start up into a full scale organisation is expected to support the consulting firm as it expands its footprint.
Primus Partners co-founder and chairperson Davinder Sandhu, said the appointment brings valuable expertise to the board. “Neelu’s journey across defence, aviation and consulting brings a rare blend of operational insight and strategic thinking. Her experience in rapidly scaling Akasa Air will be invaluable as we continue to grow while maintaining a strong focus on corporate governance,” he said.
Primus Partners, an India headquartered management consulting and solutions firm, has emphasised governance and board oversight since its early days. The company has also taken an unconventional approach by inviting its Gen Z employees to attend board meetings so that younger perspectives can contribute to discussions.
Speaking on her appointment, Khatri said the consulting sector is entering a transformative period shaped by emerging technologies. “The industry is evolving rapidly with the rise of AI. This is an exciting moment for an Indian origin consulting firm like Primus Partners to expand its product offerings and strengthen its presence globally,” she said.
She added that as the firm pursues ambitious expansion plans, her focus will be on ensuring strong governance frameworks and effective risk management as the organisation scales.
