The net debt of Reliance Industries Ltd.’s retail arm jumped manifold in fiscal 2023, led by aggressive capital expenditure. Reliance Retail Ventures Ltd.’s net debt jumped to Rs 37,500 crore in FY23 from Rs 1,600 crore a year ago, according to the company filings. The rise was driven by a 70% increase in capex to a staggering Rs 51,400 crore. This forms a third of RIL’s overall capex. “FY23 capex alone is 85% of the cumulative capex over the previous seven years,” Jefferies Financial Group Inc. said in a research note. The cumulative retail segment capex over the last four fiscals was over Rs 1 lakh crore.