Reliance Industries (RIL), helmed by Asia’s richest man Mukesh Ambani, is in a hurry to wipe the $21 billion net debt in its books.
The oil-to-telecom conglomerate, which hopes to become a zero-debt company by March 2021, is now confident of meeting the target by the end of this calendar year. While analysts Quartz spoke to cite challenges to the plan, the company is pushing ahead in earnest.
Yesterday (May 17), RIL said American investment firm General Atlantic will buy a 1.34 % stake in its digital and internet business, Jio Platforms, for Rs6,600 crore ($992 million). “This investment values Jio Platforms at an equity value of Rs4.91 lakh crore and an enterprise value of Rs5.16 lakh crore,” said Jio Platforms.