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<keyword id="19903807" type="General" weightage="100" keywordseo="Elon-Musk" source="keywords">Elon Musk</keyword>, the CEO of electric car maker Tesla and rocket manufacturer <keyword id="19905255" type="General" weightage="20" keywordseo="SpaceX" source="keywords" meta.keywordsubtype="org" meta.entityname="SpaceX" meta.hostid="261" meta.entityid="SpaceX">SpaceX</keyword>, may become the world's first <keyword id="20204152" type="General" weightage="20" keywordseo="trillionaire" source="keywords">trillionaire</keyword> by 2027, while Indian tycoon <keyword id="19929098" type="General" weightage="20" keywordseo="Gautam-Adani" source="keywords">Gautam Adani</keyword> may attain that status in the following year, and Asia's richest man <keyword id="19916798" type="General" weightage="20" keywordseo="Mukesh-Ambani" source="keywords">Mukesh Ambani</keyword> may do so in 2033, according to an Informa Connect Academy report. For Musk, the richest in the world with $237 billion net worth, to become the world's first trillionaire, his wealth needs to grow at an average annual growth rate of 110%, the report said. <keyword id="19898586" type="General" weightage="20" keywordseo="Adani" source="keywords">Adani</keyword>, who is ranked 13th on the world billionaire index with a wealth of just under $100 billion, maybe the second trillionaire (net worth equal to at least one trillion US dollars) if his ports-to-power conglomerate was to continue growing at the current 123% average annual rate, it added. Rival <keyword id="19898589" type="General" weightage="20" keywordseo="Ambani" source="keywords">Ambani</keyword>, now ranked Asia's richest with a net worth of $111 billion, may achieve the same status in 2033, according to the report. His oil-to-telecom-and-retail conglomerate is slated to hit trillion-dollar market cap status in 2035. Ambani's <keyword id="19938772" type="General" weightage="20" keywordseo="Reliance-Industries-Ltd" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Industries Ltd" meta.hostid="261" meta.entityid="Reliance Industries Ltd">Reliance Industries Ltd</keyword> is the only Indian company projected to hit that mark. The companies that will hit the trillion-dollar market cap mark include Taiwan's semiconductor maker TSMC, which has a market cap of $893.7 billion now and is expected to achieve that status in 2025. It will be closely followed by Berkshire Hathaway, pharma giant Eli Lilly, technology company Broadcom and electric automobile firm Tesla. The report said, "No one in the world has claimed trillionaire status - at least not yet. However, there are some likely candidates. The following are multi-billionaires who will probably become trillionaires sooner or later". After Elon Musk and Gautam Adani, NVIDIA founder Jensen Huang, Indonesian mogul Prajogo Pangestu, French businessman Bernard Arnault, and Facebook CEO <keyword id="19952202" type="General" weightage="20" keywordseo="mark-zuckerberg" source="keywords">Mark Zuckerberg</keyword> come next as prospective trillionaires. Currently, there are only a handful of companies that have crossed the $1 trillion in valuation. This includes Microsoft, Nvidia, Apple, Alphabet, Amazon, Saudi Aramco, and Meta. The most recent case is that of <keyword id="19921921" type="General" weightage="20" keywordseo="warren-buffett" source="keywords">Warren Buffett</keyword>'s Berkshire Hathaway in late August. Nvidia also joined the $ 1 trillion club in May 2023 and reached $ 3 trillion in June, becoming the second most valuable company in the world, with Microsoft ahead and Apple behind.

Elon Musk may be world's first trillionaire by 2027, Adani to touch the mark by 2028, Ambani in 2033: Report

<ul><li><keyword id="6484187" type="General" weightage="20" keywordseo="ril" source="Orion">RIL</keyword> decided to 're-evaluate' Saudi Aramco's $15 billion investment in its O2C arm. </li><li> The current application with the NCLT for segregating the O2C business from RIL is being withdrawn.</li><li>RIL shall continue to be Saudi Aramco's preferred partner for investments in the private sector in India </li></ul><keyword id="10926" type="General" weightage="20" keywordseo="reliance" source="Orion">Reliance</keyword> Industries Limited (RIL) and Saudi Aramco have mutually agreed to re-evaluate the proposed investment of the latter in RIL's 'O2C' (Oil to Chemical). Consequently, the current application with the NCLT (National Company Law Tribunal) for segregating the O2C business from RIL is being withdrawn. In August 2019, both the companies had signed a non-binding Letter of Intent for a potential 20 per cent stake acquisition by Saudi Aramco in the O2C business of RIL. "Over the past two years, both the teams made significant efforts in the process of due diligence, despite Covid restrictions. This has been possible due to the mutual respect and long-standing relationship between the two organisations," RIL said in a statement on Friday. "Reliance recently unveiled its plans for the 'New Energy &amp; Materials' businesses by announcing the development of the Dhirubhai Ambani Green Energy Giga Complex at Jamnagar. It will be among the largest integrated renewable energy manufacturing facilities in the world," it added. Jamnagar, which accounts for a major part of the O2C assets, is envisaged to be the centre for Reliance's new businesses of 'Renewable Energy &amp; New Materials', supporting the net-zero commitment. "Due to the evolving nature of Reliance's business portfolio, Reliance and Saudi Aramco have mutually determined that it would be beneficial for both parties to re-evaluate the proposed investment in O2C business in light of the changed context. Consequently, the current application with NCLT for segregating the O2C business from RIL is being withdrawn," the statement said. "The deep engagement over the last two years has given both Reliance and Saudi Aramco a greater understanding of each other, providing a platform for broader areas of cooperation. Saudi Aramco and Reliance are deeply committed to create a win-win partnership and will make future disclosures as appropriate," it added. According to the statement, RIL shall continue to be Saudi Aramco's preferred partner for investments in the private sector in India and will collaborate with Saudi Aramco &amp; SABIC for investments in Saudi Arabia. "Saudi Aramco and RIL have a very deep, strong and mutually beneficial relationship, which has been developed and nurtured by both the companies over the last 25 years. Both are committed to collaborate and work towards strengthening the relationship further in the years ahead," the statement said. SEE ALSO <a href="https://www.businessinsider.in/thelife/news/tesla-hit-with-new-sexual-harassment-lawsuit-alleging-the-company-operates-like-a-frat-house/articleshow/87808968.cms" data-type="tilCustomLink">Tesla hit with new sexual harassment lawsuit alleging the company operates like a 'frat house'</a> <a href="https://www.businessinsider.in/investment/news/binances-ceo-is-buying-his-1st-home-in-crypto-friendly-dubai-and-confirms-its-us-affiliate-will-close-a-multi-million-dollar-funding-round-soon/articleshow/87807571.cms" data-type="tilCustomLink">Binance's CEO is buying his 1st home in crypto-friendly Dubai and confirms its US affiliate will close a multi-million dollar funding round soon</a> <a href="https://www.businessinsider.in/politics/world/news/kamala-harris-will-become-the-first-woman-to-have-control-over-us-nuclear-weapons-but-only-briefly/articleshow/87806057.cms" data-type="tilCustomLink">Kamala Harris became the first woman to have control over US nuclear weapons, but only briefly</a>

Reliance's $15 billion deal with Saudi Aramco has been called off

Reliance Industries, Tarsons Products, Asian Paints and other hot stocks on November 26

Reliance Industries, IRCTC, Cadila and other top stocks to watch out for on November 22

<ul><li>Share price of <keyword id="6484187" type="General" weightage="20" keywordseo="ril" source="Orion">RIL</keyword> has doubled between the announcement of the deal and its recent peak on October 14.</li><li>In August 2019, the companies had signed a non-binding letter of intent for a potential 20% stake by Saudi Aramco in RIL.</li><li>On November 22, shares of RIL fell nearly 4% as the deal has been put on hold for now.</li></ul>The much anticipated deal between Reliance Industries (RIL) and Saudi Aramco has been <a href="https://www.businessinsider.in/business/news/reliances-15-billion-deal-with-saudi-aramco-has-been-called-off/articleshow/87811630.cms">put on hold</a> and the disappointment of investors is being reflected in the share price of RIL. Both the companies, on November 20, decided to re-evaluate the proposed investment of Saudi Aramco in <keyword id="3820" type="General" weightage="20" keywordseo="mukesh-ambani" source="Orion">Mukesh Ambani</keyword>’s oil-to-chemical conglomerate. Meanwhile, shares of RIL have doubled between the announcement of the deal and its recent peak on October 14. <div type="image" title="ril char" height="900" width="1200" msid="87842195" hostid="261"></div> In August 2019, both the companies had signed a non-binding letter of intent for a potential 20% stake by Saudi Aramco in RIL. Five instances when RIL and Saudi Aramco gave investors hope of a big ticket deal <ul><li>August 2019</li></ul>RIL and Saudi Aramco signed a non-binding letter of intent in August 2019 for a potential 20% stake acquisition by Saudi Aramco in the oil-to-chemical business. <ul><li>August 2020</li></ul>In a post-earnings call of Saudi Aramco with analysts, its chief executive Amin Nasser said, "With regard to the Reliance deal, all I can say at this stage, it's going through due diligence. So, depending on the due diligence, we will make our decision after we complete the due diligence on that deal," said Nasser. <ul><li>June 2021</li></ul>Mukesh Ambani announced that the proposed deal with Saudi Aramco will likely be finalised this year during the 44th Annual General Meeting (AGM) on June 24. “As an important part of this vision of achieving accelerated growth, we look forward to welcoming Saudi Aramco as a strategic partner in our O2C business," said Ambani. <ul><li>July 2021</li></ul>Investors' hopes of a deal to happen soon were raised after RIL appointed Saudi Aramco’s Chairman Yasir Al-Rumayyan as an independent director of the company effective from July 19, 2021. <ul><li>August 2021</li></ul>CEO of Saudi Aramco Amin Nasser said the company is still working on the deal to invest in Reliance Industries, as reported by Bloomberg. However, RIL clarified that it will continue to be Saudi Aramco's preferred partner for investments in the private sector in India and will collaborate with Saudi Aramco &amp; SABIC for investments in Saudi Arabia. Saudi Aramco is one of the largest petroleum and natural gas companies in the world, based in Dhahran, while SABIC (Saudi Basic Industries Corporation), a subsidiary of Saudi Aramco, is into chemical manufacturing. Analysts at JP Morgan <a href="https://twitter.com/CNBCTV18Live/status/1462596690041470984/photo/1">reportedly </a>said that the development is a “clear sentiment negative”, but will have limited impact on RIL’s financials. Besides, a significant deleveraging (debt reduction) has already been done by the oil-to-chemical major, which is positive, according to JP Morgan. The global brokerage firm has a ‘neutral’ rating on the stock as it expects the share price to rise 7% at ₹2,575. Besides, RIL has shifted its focus to its new energy business at Jamnagar, which it aspires to make it among the largest integrated renewable energy manufacturing facilities in the world. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/paytm-has-lost-8-billion-in-valuation-in-two-days-of-listing/articleshow/87840891.cms">Paytm has lost $8 billion in valuation in two days of listing</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/airtels-popular-prepaid-plans-may-now-cost-you-up-to-25-more/articleshow/87840177.cms">Airtel’s popular prepaid plans may now cost you up to 25% more</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/sensex-tanks-over-400-points-in-early-trade-nifty-trading-at-17764-reliance-industries-maruti-bajaj-finance-kotak-bank-and-bajaj-finserv-top-losers/articleshow/87841278.cms">Sensex tanks over 400 points in early trade, Nifty trading at 17,764 — Reliance Industries, Maruti, Bajaj Finance, Kotak Bank and Bajaj Finserv top losers</a>

Reliance Industries’ investors dump shares after Mukesh Ambani's Aramco deal fails after 27 months of negotiations

After effectively turning debt free, <keyword id="6355199" type="COMPANY" weightage="20" keywordseo="reliance-industries">Reliance Industries</keyword> (RIL) may see IPOs of its flourishing telecom arm Jio and retail business segment, unlocking additional shareholder value, Bernstein Research said in a report on Wednesday. RIL has raised USD 22.3 billion capital market through the sale of 24.7 per cent stake in <keyword id="9093411" type="COMPANY" weightage="20" keywordseo="Jio-Platforms">Jio Platforms</keyword> and USD 7 billion equity-raise. "Following the rights issues and 24.7 per cent sell down in Jio, RIL is now effectively debt free. We expect a break-up of the company in the next three-four years through the IPO of Jio and retail business segment which should further unlock shareholder value," the analyst said. Looking at the balance sheet, Reliance has significantly improved its financial position following the transactions, it said, adding that the net debt to equity will fall significantly from 0.51x in FY20 to 0.06x in FY21 which is the lowest in almost a decade. Given the USD 15 billion <keyword id="8360798" type="UNKNOWN" weightage="20" keywordseo="aramco-deal">Aramco deal</keyword> and free cash flow outlook in the next several years, net debt to equity could continue to fall beyond FY21, it said. Reliance is in talks with Aramco to sell a fifth of its USD 75 billion oil-to-chemical business. "The key question is what will Reliance do with the significant cash position? We think the priority for now is to reduce other liabilities on the balance sheet such as deferred payments and provisions which total in excess of Rs 50,000 crore," it said. Given the company's expansion into internet and retail, more investments including mergers and acquisitions seem highly likely, the brokerage said adding that refining and petchem could also see expansion with the Aramco partnership. "Overall, we expect RIL will continue to invest in growth over returning cash to shareholders," it said. While earnings will soften in FY21 due to COVID-19, the brokerage believed that RIL is at the start of a secular growth period driven by telecom, retail and new economy related business. "We estimate EBITDA for FY21 of Rs 86,000 crore, which is almost double what it was a few years ago," it said. "On our estimates, we believe that EBITDA can double again through to FY25, mainly through the growth in Jio and new business, while the energy related business will be relatively flat (assuming the 20 per cent divestment to Aramco)." It raised its price target for RIL from Rs 1,720 to Rs 1,870. "The higher valuation comes primarily from retail, media and other marketable investments on the balance sheet."

Reliance could soon be ready with the IPOs of Jio and its retail business

Mumbai, Shares of the state-run petroleum major <keyword id="9997688" type="COMPANY" weightage="20" keywordseo="bharat-petroleum-corp-ltd-">Bharat Petroleum Corp. Ltd.</keyword> (BPCL) fell nearly five per cent a day after the deadline for submitting bids for the strategic sale of the company ended. Investor sentiments dampened as major energy giants including <keyword id="6355199" type="COMPANY" weightage="20" keywordseo="reliance-industries">Reliance Industries</keyword>, <keyword id="152170" type="COMPANY" weightage="20" keywordseo="Saudi-Aramco">Saudi Aramco</keyword>, <keyword id="32848" type="COMPANY" weightage="20" keywordseo="BP">BP</keyword> gave the bidding process a miss and did not submit <keyword id="81620" type="COMPANY" weightage="20" keywordseo="Expressions-of-interest">Expressions of Interest</keyword> for the 52.98 per cent of the stake on sale. Shares of BPCL on the BSE plunged 4.9 per cent to touch an intra-day low of Rs 392.35 per share. At 10.54 a.m., it was at Rs 397.70, lower by 3.63 per cent from its previous close. The government on Monday said that multiple EoIs have been received for divestment of Centre's stake in the company. Sources, however, said that several global players did not pitch in for the stake sale. Total and Russia's Rosneft also did not bid for the stake sale. The lack of interest among the major players comes on the back of the poor oil demand globally amid the pandemic and low oil prices. SEE ALSO:<a href="https://www.businessinsider.in/science/health/news/moderna-says-its-coronavirus-vaccine-is-94-5-effective-against-covid-19-a-crucial-victory-in-the-fight-against-the-pandemic/articleshow/79247349.cms" data-type="tilCustomLink"> Moderna says its coronavirus vaccine is 94.5% effective against COVID-19, a crucial victory in the fight against the pandemic</a> <a href="https://www.businessinsider.in/stock-market/news/dow-soars-375-points-to-near-record-as-modernas-vaccine-update-boosts-investor-optimism/articleshow/79249468.cms" data-type="tilCustomLink">Dow soars 450 points to new record as Moderna's vaccine update boosts investor optimism</a>

BPCL shares plunge 5% as major energy companies including RIL, Saudi Aramco and BP skip the race for stake sale

<keyword id="6355199" type="ORGANIZATION" weightage="20" keywordseo="reliance-industries">Reliance Industries</keyword> Ltd (RIL), India's largest company, on Thursday said its board has approved hiving off its USD 75 billion worth oil-to-chemicals business into a separate division to enable the sale of 20 per cent stake in the unit to Saudi national oil company Aramco. The hiving off will be subject to the approval of the National Company Law Tribunal. After the approval, the oil-to-chemical (O2C) business will become a separate vertical with independent balance sheet just like the conglomerate's digital arm, Jio Platforms. RIL had organised all its digital businesses including Reliance Jio that has 388 million telecom subscribers, into Jio Platforms. It last week agreed to sell a 9.99 per cent stake in Jio Platforms to <keyword id="319320" type="COMPANY" weightage="20" keywordseo="Facebook-Inc">Facebook Inc</keyword> for USD 5.7 billion. RIL Board "approved a Scheme of Arrangement for transfer of O2C Undertaking of the company to <keyword id="9147221" type="COMPANY" weightage="20" keywordseo="reliance-o2c-ltd">Reliance O2C Ltd</keyword> as a going concern on slump sale basis for a lump sum consideration equal to the income tax net worth of the O2C Undertaking as on the appointed date of the Scheme," it said in its fourth-quarter earnings statement. O2C undertaking of the company comprises entire oil-to-chemicals business of the company consisting of refining, petrochemicals, fuel retail and aviation fuel (majority interest only) and bulk wholesale marketing businesses together with its assets and liabilities. "The scheme is subject to necessary statutory/regulatory approvals under applicable laws including approval of National Company Law Tribunal," it added. In August last year, RIL head <keyword id="3820" type="PERSON" weightage="20" keywordseo="Mukesh-Ambani">Mukesh Ambani</keyword> had announced initial agreements to sell a 20 per cent stake in the oil-to-chemical business to <keyword id="152170" type="COMPANY" weightage="20" keywordseo="Saudi-Aramco">Saudi Aramco</keyword> for an asking of USD 15 billion. The deal covers all of Reliance's refining and petrochemicals assets as well as the remainder of stake the firm has in fuel retailing business after selling 49 per cent to BP Plc of UK for Rs 7,000 crore. The deal, which valued the oil-to-chemical business at USD 75 billion, was to close by March 2020 but it is now expected to close within the current calendar year. Reliance has pivoted away from energy to the new economy. But refining and petrochemicals are cash cows for Reliance and still account for the bulk of its EBITDA. As part of the August deal, Saudi Aramco will supply 500,000 barrels per day (25 million tonnes a year) of crude on a long-term basis to RIL's Jamnagar refinery complex (more than a third of the 1.36 million bpd refining capacity). The deals give Aramco and BP access to the fastest-growing refined fuels market in the world. Market analyst firm Bernstein in a recent report had stated that it expects RIL to grow their petrochemical and refining business given the secular growth opportunities. "While bears will argue that Reliance is stepping away from energy to digital, we see this deal as an opportunity to expand the downstream business in India with a solid partnership. For Aramco, the deal provides direct access to what is widely expected to be the fastest-growing refined oil product market over the next 20 years," it said. "For Reliance, it provides cash to fund the expansion of their digital business and further expansion of downstream capacity with an experienced partner." While talks with Aramco continue, the BP deal has been finalised. Reliance's existing 1,400-odd petrol pumps, as well as 31 aviation fuel stations, will be transferred to the new joint venture where BP will hold 49 per cent equity stake. Reliance will hold the balance 51 per cent in the entity, which aims to expand the retail network to 5,500 petrol pumps in the next five years. This is the third joint venture between Reliance and BP since 2011. BP had in 2011 bought 30 per cent stake in 21 oil and gas exploration and production blocks of Reliance for USD 7.2 billion. At that time, another 50:50 joint venture, <keyword id="838593" type="COMPANY" weightage="20" keywordseo="India-Gas-Solutions">India Gas Solutions</keyword>, was set up for sourcing and marketing gas in India. The country currently has 69,109 petrol pumps, with public sector retailers owning 61,811. PSU retailers have plans to double this network and have already started appointing dealers. Russia's Rosneft-backed Nayara Energy, formerly Essar Oil, has 5,702 petrol pumps and has plans to scale them up to more than 7,000 in two-three years. Royal Dutch Shell has 189 outlets and is slated to add 150-200 more petrol pumps. BP had in 2016 received a licence from the government to set up 3,500 petrol pumps in India. French energy giant Total SA too is keen on entering the Indian retail market and has tied up with Adani Group for the same. The Saudi national oil company, along with its partner UAE's Abu Dabhi National Oil Co (ADNOC) has taken a 50 per cent stake in a planned USD 60-billion mega refinery-cum-petrochemical complex in Maharashtra by state-owned oil companies, and has a bullish outlook on India's energy demand and is keen on investing here. Reliance operates two refineries in Jamnagar, Gujarat, with a total capacity of 68.2 million tonnes per annum. It plans to expand its only-for-exports special economic zone (SEZ) refining capacity to just over 41 million tonnes from the current 35.2 million tonnes. Saudi Arabia, on the other hand, is keen to get a foothold in the world's fastest-growing fuel market to get a captive customer for the crude oil it produces. Crude oil is the basic raw material for the manufacturing of petrochemicals. Saudi Aramco is also keen on retailing fuel in India. A refinery in India can also be a base for it to export fuel to deficit countries in Europe and the Americas. India has a refining capacity of 249.9 million tonnes, which exceeded the demand of 213.7 million tonnes. See also: <a href="https://www.businessinsider.in/business/corporates/news/ril-rights-issue-ratio-pricing-and-value/articleshow/75474592.cms">Mukesh Ambani offers Reliance Industries shareholders 1 new share for every 15 held⁠— at a price 14% below market value</a> <a href="https://www.businessinsider.in/business/news/reliance-retails-operating-profit-grows-nearly-20-in-the-latest-fourth-quarter/articleshow/75474722.cms">Reliance Retail’s operating profit grows nearly 20% in the latest fourth quarter⁠⁠</a> <a href="https://www.businessinsider.in/business/news/tech-mahindras-net-profits-see-a-massive-32-drop-even-as-its-digital-business-is-treading-water-amidst-the-covid-19-crisis/articleshow/75472198.cms">Tech Mahindra’s net profits see a massive 32% drop even as its digital business is treading water amidst the COVID-19 crisis</a>

Reliance to hive off $75 billion oil-to-chemicals business into separate unit for sale to Aramco

<ul><li>Billionaire <keyword id="3820" type="PERSON" weightage="20" keywordseo="Mukesh-Ambani">Mukesh Ambani</keyword> has accelerated the timeframe for wiping out ₹1.61 lakh crore of net debt at his <keyword id="6355199" type="COMPANY" weightage="20" keywordseo="reliance-industries">Reliance Industries</keyword> by bringing in strategic investors in key businesses as well as committing more equity.</li><li>Ambani, chairman and managing director of <keyword id="6487" type="DOMAIN" weightage="20" keywordseo="Reliance-Industries-Ltd">Reliance Industries Ltd</keyword> (RIL), had in August last year set a target of March 2021 to make the oil-to-telecom conglomerate net debt-free. But thanks to a USD 5.7 billion (Rs 43,547 crore) deal with Facebook, a Rs 53,125 crore rights issue and more stake sale to companies such as <keyword id="152170" type="COMPANY" weightage="20" keywordseo="Saudi-Aramco">Saudi Aramco</keyword>, the target is likely to be achieved by December. </li><li>In an investor and media call post announcement of the company's fourth-quarter earnings, RIL's Joint Chief Financial Officer <keyword id="2180080" type="PERSON" weightage="20" keywordseo="Srikanth-Venkatachari">Srikanth Venkatachari</keyword> said, "The zero net debt target will be achieved within the 2020 calendar year." </li></ul> Billionaire Mukesh Ambani has accelerated the timeframe for wiping out ₹1.61 lakh crore of net debt at his Reliance Industries by bringing in strategic investors in key businesses as well as committing more equity. Ambani, chairman and managing director of Reliance Industries Ltd (RIL), had in August last year set a target of March 2021 to make the oil-to-telecom conglomerate net debt-free. But thanks to a USD 5.7 billion (Rs 43,547 crore) deal with Facebook, a Rs 53,125 crore rights issue and more stake sale to companies such as Saudi Aramco, the target is likely to be achieved by December. In an investor and media call post announcement of the company's fourth-quarter earnings, RIL's Joint Chief Financial Officer Srikanth Venkatachari said, "The zero net debt target will be achieved within the 2020 calendar year." Since the August announcement, Ambani has sold a 9.99 per cent stake in the digital platform that houses India's youngest but biggest mobile operator to Facebook, decided to hive out Reliance's oil and petrochemicals business into a separate entity to help a proposed stake sale to Saudi Arabian Oil Co (Saudi Aramco), and pledged to make up for any shortfall in the rights issue. The company expects to complete a capital raising programme totalling Rs 1.04 lakh crore by June, Venkatachari said. This includes the rights offering of one share for every 15 shares held at Rs 1,257, a 14 per cent discount to the closing price for April 30. Also included is the Rs 43,574 crore coming from the Facebook buying stake in Jio Platforms and Rs 7,000 crore from sale of 49 per cent stake in fuel retailing venture to UK's BP plc. "In addition, Saudi Aramco due diligence is progressing well," he said without saying when the deal was expected to be closed. Reliance values its oil-to-chemical business, which includes its twin refineries at Jamnagar in Gujarat, petrochemical assets, and 51 per cent stake in auto fuel and aviation fuel retailing venture, at USD 75 billion. Saudi Aramco is in talks to buy a 20 per cent stake in this venture. Alongside announcing the zero net debt target, Ambani, 63, had in August also announced the potential sale of 20 per cent interest in the oil-to-chemical business to Aramco by March 2020. That deadline has been missed partly because of differences over the deal structure and partly due to talks stalling following the outbreak of <keyword id="1754604" type="PERSON" weightage="20" keywordseo="coronavirus">coronavirus</keyword> and the subsequent nationwide lockdown. At the end of March quarter, the company had an outstanding debt of Rs 336,294 crore and cash in hand of Rs 175,259 crore. After adjusting cash, the net debt came to Rs 161,035 crore. Of this debt, Rs 2,62,000 crore is on RIL books and Rs 23,000 crore is with Jio. At the concall, company officials said Jio Platforms will retain Rs 14,976 crore out of Rs 43,574 crore received from Facebook and use the remaining Rs 28,598 crore to settle the debt. The Facebook-Jio Platforms deal will close by the end of the current quarter. Also, the company said it has received interest from new potential global strategic and financial investors in taking a stake of similar size to Facebook's agreement in the Jio Platform. "In addition to the FB investment, the board was informed that RIL has received strong interest from other strategic and financial investors and is in good shape to announce a similar-sized investment in the coming months," the company had said in a statement on Thursday. "With a strong visibility to these equity infusions, the board was informed that RIL is set to achieve net-zero debt status ahead of its own aggressive timeline," it had said.

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Elon Musk may be world's first trillionaire by 2027, Adani to touch the mark by 2028, Ambani in 2033: Report

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Reliance's $15 billion deal with Saudi Aramco has been called off

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Reliance Industries, Tarsons Products, Asian Paints and other hot stocks on November 26

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Reliance Industries’ investors dump shares after Mukesh Ambani's Aramco deal fails after 27 months of negotiations

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Reliance could soon be ready with the IPOs of Jio and its retail business

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BPCL shares plunge 5% as major energy companies including RIL, Saudi Aramco and BP skip the race for stake sale

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Reliance to hive off $75 billion oil-to-chemicals business into separate unit for sale to Aramco

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Mukesh Ambani aims to turn Reliance into zero net debt firm within 8 months

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