After being debt-free, RIL again seeking $2b loan

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Reliance Industries Ltd. is in talks with lenders for a foreign-currency loan of up to $2 billion to fuel the ongoing expansion of its oil-to-telecoms business, according to a report by Bloomberg. The Mukesh Ambani-led conglomerate plans to use the country’s dedicated external commercial borrowing route to secure the loan, the report added. The lenders involved in the discussions include Bank of America Corp., Citigroup Inc. and Standard Chartered Plc. The facility may have a maturity period ranging between three to five years and as per reports the proceeds will be used for capital expenditure and to refinance another loan that matures in September. Reliance had said in August last year that it plans to invest Rs 75,000 cr over five years to expand its oil to chemical business.

Coal India to come under Competition Act: SC The Supreme Court on Thursday said Coal India Ltd (CIL), a public-sector undertaking, would come within the ambit of the Competition Act, rejecting Coal India’s contention that the law concerned did not apply to it because it operated under the Coal Mines (Nationalisation) Act. CCI opposed this plea and contended that there is no constitutional challenge to any provision of the Competition Act. The Supreme Court on June 15 held that Coal India Limited cannot seek an exemption from Competition Act, 2002 because it is a public sector undertaking under Coal Mines (Nationalisation) Act, 1973. As a consequence of this order, public sector undertakings such as Coal India Limited (CIL) will now come under the purview of Competition act and the Competition Commission of India. The case will now be heard on aspects such as the correctness of penalty levied by CCI on CIL and other aspects.