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Reliance to be zero-net debt company in 18 months: Ambani

Press Trust of India  |  Mumbai 

Mukesh Ambani on Monday announced plans to make Reliance group a zero-net debt company in the next 18 months as he sells stakes in oil and chemical business to Saudi Aramco and fuel retailing business to BP.

"We expect to complete transactions with Saudi Aramco and BP within this financial year. These are expected to generate inflow of Rs 1.15 lakh crore," he said at Reliance Industries' 42nd annual general meeting here.

These, along with other transactions to deleverage the group, would make the company a zero-net debt company in 18 months.

"We have a very clear roadmap to becoming a zero-net debt company in next 18 months," he said.

Reliance has invested nearly Rs 5.4 lakh crore over the last five years to generate EBITDA in excess of USD 1 billion annually for over a decade.

Ambani also said Reliance "will induct leading global partners in (telecom arm) Jio and Reliance Retail in the next few quarters, and move towards listing of both these companies within the next five years."

"As we achieve our zero-net debt target this financial year, I assure you, my dear shareholders, that we will reward you abundantly through higher dividends, periodic bonus issues and other means, and at a more accelerated pace than any time in our history," he said.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, August 12 2019. 12:55 IST