Ambani debt plan faces legal hurdles

The Reliance Industries stock has been on fire, soaring almost 35 per cent in 2019 and adding several billion dollars to Mukesh Ambani’s net worth. But the country’s biggest industrial tycoon may have reason to worry as he squares off for a battle with the tax authorities and regulators in the new year.

Back in August, the oil refining to retail giant had unveiled plans to bring down its net debt to zero by the end of March 2021 — but a series of setbacks in the past couple of months could upset the debt-paring strategy even as it raises questions about the group’s equations with the Modi administration in its Second Coming.