RIL’s disinvestment in Jio Platforms to pare 49% debt: Moody’s

NEW DELHI: Reliance Industries Limited (RIL) move to disinvest as much as 18.1% in Jio Platforms would enable the company to pare its net debt to the tune of 49% or $10.5 billion (Rs 78,560 crore), Moody’s Friday said.

“In total, RIL has so far announced the divestment of an 18.01% stake in Jio Platforms for Rs 785.6 billion ($10.5 billion). Proceeds from these divestments alone will help the company pare around 49% of its net debt of Rs 1.6 trillion ($21.4 billion) outstanding as of 31 March 2020,” the rating agency in a statement said.