RIL’s surplus inflows may be used as war chest to speed up organic, inorganic opportunities: Report

NEW DELHI: The current fiscal can be termed as a year of deals for Reliance Industries, with a slew of transactions already announced and a few large ones in the pipeline, a report said adding that the surplus cash inflows may be used as a war chest to accelerate organic and inorganic opportunities amid ongoing adversities. Reliance Industries Ltd (RIL) has announced multiple transactions over the past several months to reduce overall net debt and off-balance sheet liabilities (InvITs) by a cumulative amount of Rs 2.1 lakh crore, brokerage Kotak Institutional Equities said in a report on Monday.

The transactions include sale of 9.99 per cent stake in the firm’s digital unit Jio Platforms (JPL) to Facebook for Rs 43,573.62 crore, sale of 12.37 per cent stake in Jio Platforms to eight global investors for Rs 60,800 crore.

Rights issue of 422.6 million shares to raise Rs 53,124 crore (out of which 25 per cent has already been procured, while the remaining will be sought in two tranches in May and November 2021), sale of Tower InvIT to Brookfield and sale of 49 per cent stake in the fuel retail JV to BP for Rs 70,000 crore.