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Reliance launches India's biggest rights issue to cut debt

Mukesh Ambani's group plans to raise $7bn as demand for oil and chemical products collapses

Reliance is owned by Mukesh Ambani, India’s richest man. The group is expanding beyond refining operations and moving into digital services.    © Reuters

NEW DELHI (Financial Times) -- Reliance Industries announced India's biggest ever rights issue in a $7bn fundraising drive that is designed to cut down its enormous debt pile as demand for its core oil and chemical products collapses.

Owned by Mukesh Ambani, India's richest man, Reliance has in recent years expanded beyond its refining operations into new business areas including retail and its telecom operator Jio. Reliance last week announced that Facebook would invest $5.7bn for a 10 percent stake in Jio in a push into digital services like e-commerce and payments.

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