RIL AGM 2019: Reliance Industries will become zero-net debt company in 18 months, says chairman Mukesh Ambani

Mukesh Ambani on Monday announced plans to make Reliance group a zero-net debt company in the next 18 months as he sells stakes in oil and chemical business to Saudi Aramco and fuel retailing business to BP

Press Trust of India August 12, 2019 13:11:03 IST
RIL AGM 2019: Reliance Industries will become zero-net debt company in 18 months, says chairman Mukesh Ambani
  • We expect to complete transactions with Saudi Aramco and BP within this financial year, RIL chairman Mukesh Ambani said

  • These are expected to generate an inflow of Rs 1.15 lakh crore, he said at Reliance Industries' 42nd annual general meeting

  • These, along with other transactions to deleverage the group, would make the company a zero-net debt company in 18 months, Ambani said

Mumbai: Mukesh Ambani on Monday announced plans to make Reliance group a zero-net debt company in the next 18 months as he sells stakes in oil and chemical business to Saudi Aramco and fuel retailing business to BP.

"We expect to complete transactions with Saudi Aramco and BP within this financial year. These are expected to generate an inflow of Rs 1.15 lakh crore," he said at Reliance Industries' 42nd annual general meeting here.

These, along with other transactions to deleverage the group, would make the company a zero-net debt company in 18 months.

RIL AGM 2019 Reliance Industries will become zeronet debt company in 18 months says chairman Mukesh Ambani

File image of RIL chairman Mukesh Ambani. Courtesy - Reliance Jio

"We have a very clear roadmap to becoming a zero-net debt company in next 18 months," he said.

Reliance has invested nearly Rs 5.4 lakh crore over the last five years to generate EBITDA in excess of $1 billion annually for over a decade.

Ambani also said Reliance "will induct leading global partners in (telecom arm) Jio and Reliance Retail in the next few quarters, and move towards the listing of both these companies within the next five years."

"As we achieve our zero-net debt target this financial year, I assure you, my dear shareholders, that we will reward you abundantly through higher dividends, periodic bonus issues and other means, and at a more accelerated pace than any time in our history," he said.

Ambani said Reliance ended last year with a net debt of Rs 1,54,478 crore.

(Disclosure - Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd)

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