Reliance Industries may look at more stake sales as it aims for zero debt

Mukesh Ambani Photographer: Simon Dawson/Bloomberg

Reliance Industries Ltd (RIL) may sell equity in more businesses as it aims to become a zero-debt company in the next 18 months, RIL chairman and managing director Mukesh Ambani said. Speaking at the company’s 42nd annual general meeting (AGM) on Monday, Ambani said RIL has received strong interest from strategic and financial investors for its consumer businesses—Jio (telecom) and Reliance Retail—but did not divulge further details.

RIL’s deals with Saudi Aramco and BP Plc in the past weeks will help it reduce debt. It had accumulated ₹2.88 trillion of group debt at the end of last fiscal year. The group’s debt, however, stood at ₹1.54 trillion at the end of last fiscal, after accounting for monetization of telecom infrastructure, such as telecom towers.

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