Global brokerages raise RIL outlook on move to make Jio debt free

Mumbai: Global brokerages said Reliance Industries’ (RIL) move to create a new wholly-owned unit for digital platform initiatives, which would make its Reliance Jio Infocomm unit debt free.

Analysts said the move could be precursor to a stake sale in the digital business, which would be a positive for the stock.

Late on Friday, RIL said it would invest Rs 1.08 lakh crore through a rights issue in a newly-formed, wholly-owned subsidiary, which will in turn use the proceeds to invest in Jio with the aim of making the telco a virtually net debt-free company by March 31. On Monday, RIL shares closed 2.30 per cent higher at Rs. 1,467.10.