MUMBAI: The $5.7 billion (Rs 43,574 crore) investment by Facebook in Jio Platforms will help Mukesh Ambani deleverage Reliance Industries’ (RIL) balance sheet even as oil market uncertainties have cast a shadow on a potential multi-million-dollar investment by Saudi Aramco in its refining-to-chemicals business.
RIL’s debt has ballooned to $43 billion (Rs 3.06 lakh crore) following its aggressive entry into the telecom sector four years ago. It has invested more than Rs 3.50 lakh crore in building digital infrastructure which included splurging on acquisitions.
In the recent past, concerns were raised about RIL’s mounting liabilities but the company debunked those by saying it has a clear roadmap for debt reduction.
At the annual shareholder meet last year, Ambani announced plans to make RIL a “zero net debt” company by March 31, 2021. But, legal roadblocks, among other factors, have hindered his asset mon
