Reliance Industries Chairman Mukesh Ambani in his 42nd Annual General Meeting (AGM) announced that the business giant will become a zero-debt company by the end of FY21. RIL ended last year with net debt of Rs 154,478 crore.

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He announced that a four pronged strategy will help the company achieve its goal. "We have a very clear roadmap to becoming a zero-net debt company in next 18 months," he said.

Saudi Aramco & BP deal completion

Saudi Aramco will buy a 20 percent stake in RIL's oil to chemical business. The oil giant will supply 500,00 barrels of crude oil a day to RIL's Jamnagar refinery. Along with this RIL has joined hands with BP for a new fuel retail joint venture in which RIL will hold 51 percent.

Unlocking value from telecom assets

Mukesh Ambani announced at the AGM that Rs 3.5 lakh crore was already invested in network assets and thus the major infrastructure investments for the telecom business were over. He also laid hope on the IoT platform which will be commercially available from January 2020 to garner a revenue of Rs 20,000 crore annually.

Listing & value unlocking for Jio & Reliance Retail

The RIL chairman also announced that both Jio and Reliance Retail would be listed within the next five years and this would help raise money form the market and reduce its debt exposure.

Unlocking value from real estate other financial investment

Mukesh Ambani also said that Reliance Industries would consider raising money from other assets such as real estate and other financial investments to achive its aim of going debt free by FY21.

First Published:Aug 12, 2019 1:30 PM IST