Reliance group’s campaign to de-leverage continued with the sale of its nascent oil retailing venture to British Petroleum, bringing another $1 billion to its kit.
Few companies can today can boast that they are debt free, but with an infusion of $15 billion from 12 top global investors, Reliance Industries Ltd (RIL) and its digital subsidiary Reliance Jio Platforms (Jio), which provides digital and telecom services, e-commerce and offers grocery shopping through Jio mart, are now among them.
Investments from such digital icons such as Facebook and Intel, and the interest of an array of global investors— Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala, ADIA, TPG, L.Catterton and PIF— was a vote of confidence in Mukesh Ambani, the tycoon leading RIL.
The company mobilized an additional $7.17 billion in liquid funds via rights issue from existing retail shareholders. Reliance group’s campaign to de-leverage continued with the sale of its nascent oil retailing venture to British Petroleum, bringing another $1 billion to its kit.
Next in the works is a mega deal that involves sale of 20% stake in RIL to Saudi Aramco.
Ambani’s leadership helped grow his personal fortune past $68.3 billion in 2020, edging past Warren Buffet among the world’s richest men.
