Reliance to Raise $2B for D-6 Development Asia Pulse Pte Ltd Friday, February 16, 2007
Reliance Industries (BSE:500325), India's largest private firm, says it is planning to raise US$2 billion to fund part of the development of its giant D-6 gas field in the Krishna-Godavari basin off the Andhra coast.
In a regulatory filing to the Bombay Stock Exchange, the company said it will use a board meeting on February 24 to review its decision to raise the said amount to fund a capex Related Products
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planned in the oil and gas exploration and production business, a company regulatory filing said to the Bombay Stock Exchange.
"Raising of further resources to finance the ongoing capital expenditure across several new projects through syndicate loans, non-convertible debentures, convertible debentures, ECBs, FCCBs, preference shares, warrants etc will be considered in the meeting," the company said.
Reliance plans to begin gas production from the D-6 field by June/July 2008 and will infuse US$5.2 billion to drill wells and set up facilities for the same purpose.
The company will begin oil production from the field in the first quarter of 2008 through a separate set of five wells, investment for which is yet to be decided.
