Winning Bizness Sports Desk
Mumbai. Reliance Industries chairman Mukesh Ambani is trying to expand its business worldwide and therefore Reliance Retail Ltd is expanding aggressively in the country and abroad and Reliance Retail Industries (RRL) has now become the largest listed company in the country. Mukesh Ambani's daughter Isha Ambani is in charge of this company. Currently, it has come to light that Isha Ambani's debt burden is high. According to a report, Reliance Retail Limited's annual report, the company borrowed Rs 32,303 crore from banks in the financial year 2022-23. Compared to this, the total non-current, long-term and other debt of Reliance Retail Company was Rs 19,243 crore last year. At the end of the financial year 2021-22, the company had a debt of only 1.74 crores.
Opened 3,300 new outlets in the last financial year
Reliance Retail Limited has also taken a long-term loan of Rs 13,304 crore from Reliance Retail Ventures Limited, a company owned by it. Therefore, the total debt of Reliance Retail Limited has become Rs 70,943 crore. This figure is 73 percent higher than a year ago. The company has used the loan proceeds to expand the business, including opening store-outlets and acquiring new brands. According to statistics, Reliance Retail Limited has opened more than 3,300 new outlets in the last financial year. Due to this, the total number of outlets of the company has crossed 18 thousand by March 2023. Reliance Retail Ltd pace of opening new outlets is expected to continue this year as the company is focusing on smaller cities in the country, where modern retail outlets are not available.
A large increase in the assets of the company
According to Reliance Retail Limited's annual report, the company's non-current assets increased by 96 percent to Rs 79,357 crore in the financial year 2022-23. Among them, property, plant and equipment increased by 180 per cent to Rs 39,311 crore compared to a year ago. This shows that the company is using loans for expansion plans on a large scale. The company's debt-to-equity ratio was 1.35 percent in FY 2021-22, which has increased to 1.91 percent in FY 2022-23.
