Reliance Industries decides to be a zero-net debt company by 2021 March. Added to this was an extensive push on Wednesday after announcing to sell 9.9% stake in Jio Platforms for Rs. 43,574 crore.
RIL’s net debt, after the deal completion, could fall by as much as 28 per cent to ₹1.1 lakh crore, estimated by Indian Economy Intelligence Group.
Mukesh Ambani appears prescient and ahead of the curve once again.
The same week that the economics of global oil was flipped on its head, Reliance snapped up a cool $5.7 billion (Rs 43,574 crore) investment from Facebook in return for a 9.99% stake in Jio Platforms, the subsidiary that will house a majority of the empire’s digital assets.
Ambani also has more than a few reasons to be happy. Facebook’s investment and corresponding valuation is higher than the average Rs 4.2 trillion enterprise value given to the company by top brokers such as Citi Investment Research, Kotak Institutional Equities, JP Morgan India and Goldman Sachs India.