Reliance Industries’ balance sheet deleveraging continues: S&P
MUMBAI : S&P Global Ratings on Wednesday said that Reliance Industries Ltd will continue to deleverage its balance sheet on the back of company’s prudent investment policies, stable operations, and potential for further asset monetization.
“RIL’s deleveraging could exceed our expectations, driven by sizeable asset monetization and equity raising,” the rating agency said in a statement.
“The oil-to-telecom conglomerate has a cash inflow of Rs2.2 trillion (about $30 billion) during fiscal 20-21, lowering its net debt by about 70% to about Rs54,000 crore. The reduction in debt was despite having negative free cash flows of about Rs86,000 crore during the year,” it added.
