Zero-debt plan of RIL may hit legal roadblock as HC asks to disclose assets
Reliance Industries’ (RIL’s) plans to become a zero net-debt company by March 2021 could be in jeopardy after the Delhi High Court on Friday ordered the oil-to-telecom conglomerate to disclose its assets.
The court’s ruling came after the government cited non-payment of an international arbitral award to the tune of $4.5 billion in the Panna-Mukta and Tapti (PMT) production-sharing contracts. The development means the company will have to list all its assets before sealing the 20 per cent stake sale to Saudi Aramco. The stake sale in the refining and petrochemical business was valued at $15 billion.
The conglomerate had an outstanding debt of Rs 2.9 trillion as of September 2019.
While an RIL spokesperson did not respond to calls from Business Standard, Saudi Aramco did not respond to emailed questions. A petroleum ministry spokesperson also did not comment.
