The conglomerate aims to be a zero-net-debt company in 18 months, Asia’s richest man told shareholders on Monday. Aiding that effort would be a proposed sale of 20% of Reliance’s oil-to-chemicals business to Saudi Arabian Oil Co at an enterprise value of US$75bil.
MUMBAI: Reliance Industries Ltd soared the most in more than two years after billionaire Mukesh Ambani revealed a plan to sell a stake to Aramco as part of efforts to pare debt that piled after racking up US$76bil in capital expenditure in the last five years.
The conglomerate aims to be a zero-net-debt company in 18 months, Asia’s richest man told shareholders on Monday. Aiding that effort would be a proposed sale of 20% of Reliance’s oil-to-chemicals business to Saudi Arabian Oil Co at an enterprise value of US$75bil.
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