Mukesh Ambani-led Reliance Industries’ recent announcement on selling a part of its oil-to-chemicals business to Saudi Aramco and fuel marketing business to BP will help the company reduce its net debt by $16 billion, Moody’s Investors Service said in a report today.
“Together, proceeds from these transactions will result in a $16 billion reduction in RIL’s net debt, which will reduce RIL’s adjusted net debt/EBITDA by 1.2x from 3.2x for fiscal year 2019 which ended in March 2019, a credit positive,” Moody’s said.
RIL had earlier this week announced that it has signed a non-binding letter of intent to sell 20 per cent stake in its Oil to Chemical business to Saudi Arabia’s oil major Saudi Aramco. Read More
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