Anil Ambani-Led Group Charts Growth Strategy

New Delhi: Equipped with Rs17,600 crore fundraising and a zero-debt status, Anil Ambani’s Reliance Group companies - Reliance Infrastructure Ltd and Reliance Power Ltd - are poised to execute their growth strategies, according to officials. In the past two weeks, both companies have announced raising Rs4,500 crore through preferential issues of equity shares and Rs7,100 crore from renowned global investment fund Varde Partners through equity-linked long-term FCCBs, having a long maturity period of 10 years and low interest rate of 5 per cent. An additional Rs6,000 crore will be raised through qualified institutional placement (QIP), with Reliance Power and Reliance Infrastructure each aiming for Rs3,000 crore. With resolutions in place, shareholder approvals are expected by the end of the month, officials said.