RIL surges over 8% on Aramco deal
Reliance Industries soared the most in more than two years after billionaire Mukesh Ambani revealed a plan to sell a stake to Aramco as part of efforts to pare debt that piled after racking up $76 billion in capital expenditure in the last five years.
The conglomerate aims to be a zero-net-debt company in 18 months, Asia’s richest man told shareholders Monday. Aiding that effort would be a proposed sale of 20% of Reliances oil-to-chemicals business to Saudi Arabian Oil Co. at an enterprise value of $75 billion. The company will also start preparing to list its retail and telecommunications units within five years, Ambani said.
Shares of Reliance jumped as much as 8.8% in Mumbai, the biggest intra-day gain since Feb. 22, 2017.
