Reliance Industries Ltd., India\u2019s second-largest company by market value, plans to raise about 400 billion rupees ($5.8 billion) in fresh debt this financial year as it expands its consumer businesses, according to people familiar with the matter. The billionaire Mukesh Ambani-led company will raise funds through loans and bonds, mostly in the Indian currency, the people said asking not to be named as they are not authorized to speak to the media. Of this, the refining-to-retail conglomerate already has shareholder approval to raise as much as 200 billion rupees through non-convertible debentures. Reliance\u2019s total debt has tripled in the past five years as it borrowed to fuel more than 3.3 trillion rupees of spending on a new telecom venture and its traditional petrochemicals business. Ambani will invest this year to roll out fiber-based broadband services and on acquisitions, including the purchase of telecom assets from brother Anil\u2019s Reliance Communications Ltd. The company has total borrowings of about 2.2 trillion rupees, more than half of which is due to be repaid by 2022, according to data compiled by Bloomberg. Net liabilities will probably increase this year, mostly due to the Reliance Communications transaction, before falling in the financial year ending March 2021 as cash flows improve, said Somshankar Sinha, a Mumbai-based analyst at Jefferies India. \u201cReliance needs funds to refinance existing long-term debt or replace short-term debt with longer tenors, and to fund its announced acquisitions.\u201d Reliance has agreed to pay about 173 billion rupees to purchase spectrum, mobile-phone towers and fiber assets from Reliance Communications and another 50 billion rupees for textile-maker Alok Industries, which it won in an auction under India\u2019s bankruptcy rules. There are investments planned for the fiber-based broadband services, JioGigaFiber, that will launch across 1,100 cities in August under the umbrella of telecom unit Reliance Jio Infocomm Ltd., the people said. In addition, the conglomerate will spend on acquiring apparel brands and opening new retail outlets, one of the people said. Issuance Mode A spokesman for Reliance didn\u2019t respond to an email seeking comment. Reliance\u2019s better-than-sovereign rating has helped it raise cheaper debt while actively investing cash reserves that reached 781 billion rupees last financial year. Other income accounted for about a fifth of its profit before tax in the 12 months to March 31 - much of it earned by investing the cash. The company has a BBB+ credit score from S&P Global Ratings, two levels higher than the Indian government. Reliance returned to the local-currency bond market after a more-than- seven-year absence last year, raising 200 billion rupees via six offerings between August and November. The conglomerate priced some notes maturing in three years or slightly more in the range of 6.78 percent to 7.07 percent - lower than the 7.15 percent average yield on top-rated three-year corporate bonds during the same period. Unit Reliance Jio on Tuesday sought bids to raise 15 billion rupees via three-year notes after tapping the rupee bond market four times already this year.