BP, Aramco deal to help RIL to be debt-free by March 2021

Mukesh Ambani, Chairman of Reliance Industries Ltd (RIL), on Monday, said that the company could become debt-free over the next 18 months. “We have a very clear roadmap to becoming a zero net-debt company within the next 18 months, that is by 31st March 2021,” Ambani said.

Reliance Industries Ltd (RIL) will sell a 20 per cent stake in its oil-to-chemicals business to Saudi Aramco at an enterprise value of $75 billion, making it one of the biggest Foreign Direct Investment (FDI) deals in the country.

Last week, RIL had announced a deal with BP wherein the UK-based company will acquire 49 per cent stake in RIL’s retail distribution business.