‘RIL well placed for zero net debt target, more 3% stake sale likely in Jio’

Mumbai: Reliance Industries (RIL) is comfortably placed to achieve its target of becoming a zero net debt company by the end of the financial year 2020-21 and the company also is expected to sell another 3 per cent stake during the fiscal, according to a report by Edelweiss Securities.

“Based on its reported net debt of Rs 1.6 trillion (1.6 lakh crore), RIL would comfortably achieve zero net debt by FY21 in our view. We expect RIL to comfortably divest another 3 per cent stake in Jio Platforms this year (cumulatively 20 per cent), given the immense interest shown by investors so far,” it said.

In just around a month RIL has sold over 17 per cent stake in Jio Platforms for a combined Rs 78,562 crore in one month.