Business

Reliance Retail seeks shareholder consent to double loan limit to Rs 1 lakh

NEW DELHI: Retail Reliance Ltd sought shareholder approval to double the loan limit to Rs 1 lakh.
This proposal will be presented to shareholders at the company’s annual general meeting of shareholders (AGM) to be held on September 30.
In September last year, shareholders approved a loan not to exceed Rs 50,000 crore.
During a meeting on 5 May 2022, the company’s board of directors proposed to increase the loan limit “by an amount not to exceed Rs 1,00,000 crore”.
With the increased limit, the company can borrow money from time to time, depending on its business purposes, according to the notice of the General Meeting of Shareholders.
As of March 31, 2022 Dependence Total retail debt stands at Rs 40,756.44.
At Reliance Industries’ AGM last month, it was announced that Reliance Retail would enter the FMCG segment.
In fiscal year 22, Reliance invested Rs 30,000 crore (approximately $3.76 billion) into its retail business and added 2,500 stores, bringing the total number of stores to 15,196.
According to Reliance Retail’s latest annual report, the Indian retail market has been one of the most resilient in the world during the pandemic, recovering strongly when restrictions were lifted.
The industry’s core growth fundamentals continued to be strong. Rapid digitization and the advent of disruptive technologies have opened up new growth opportunities, which will further boost the long-term market outlook, it said.
“Reliance Retail will continue its journey to bring first-class products and services to consumers nationwide by further expanding its presence through physical stores and digital commerce platforms. offers the best local and global brands and partners with small business manufacturers and merchants…,” it added.

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