RIL in talks for $3-B equity raise for green power foray

Reliance Industries Ltd (RIL) has initiated talks with global investors to raise as much as USD 3 billion in equity to fuel its ambitious plans for the renewable energy business. The discussions are at a preliminary stage, and RIL has so far reached out to a select group of potential investors, including a large pension fund and a few sovereign wealth funds based in the Middle East. Like Jio platforms, the discussions are being led by Manoj Modi, an RIL veteran and long-time close associate of chairman Mukesh Ambani.