RIL deal: Mukesh Ambani closes in on $15 billion-agreement with Saudi Aramco

After raising over 1.68 lakh crore via mega investment and rights issue, billionaire Reliance Industries Chairman Mukesh Ambani is now focussing on another big task - a $15 billion stake sale deal with global oil giant Saudi Aramco. RIL is in talks with the Saudi Oil major to sell 20 per cent stake in the petrochemical business for an enterprise value of $75 billion by March 2020. The company on Tuesday said it was working to complete contours of a USD 15-billion deal with Saudi Aramco but did not give a timeline for its completion.

Since April 22, 11 tech investors have pumped in Rs 1.15 lakh crore into Jio Platforms at a valuation of Rs 4.91 lakh crore considering its huge potential to catapult e-commerce and tech space in India. The latest to invest is Saudi Arabia-based Public Investment Fund (PIF), which put in Rs 11,367 crore for 2.32 per cent equity stake in Jio Platforms.

Also read: Mukesh Ambani's Jio Platforms 5th most-valued company in India; ahead of HDFC, Airtel, Infosys

While global investors including Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala, ADIA, TPG, L Catterton and PIF infused Rs 1.15 lakh crore in Jio Platforms, RIL also raised Rs 53,124.2 crore via a rights issue.

RIL's net-debt as on 31st March 2020 was Rs 161,035 crore. With these investments, the company has now become net debt-free. "I have fulfilled my promise to the shareholders by making Reliance net debt-free much before our original schedule of 31st March 2021," Ambani said last week while vowing to achieve even more ambitious growth goals in future.

Mukesh Ambani in RIL's annual report for 2019-20 had said both the companies were in talks of arriving at a deal. "In the energy businesses, Reliance is working to complete the contours of a strategic partnership with Saudi Aramco. The partnership gives our refineries access to a wide portfolio of value-accretive crude grades and enhanced feedstock security for higher oil-to-chemicals conversion."  

The partnership with Aramco would give Jamnagar refineries "access to a wide portfolio of value-accretive crude grades and enhanced feedstock security for higher oil-to-chemicals conversion," he said.

Mukesh Ambani in August last year announced talks for sale of 20 per cent stake in the oil-to-chemical (O2C) business, which comprises its twin oil refineries at Jamnagar in Gujarat and petrochemical assets, to the world's largest oil exporter. The deal was to be concluded by March 2020 but has been delayed amid the coronavirus crisis. RIL is also going to hold its first-ever virtual annual general meeting or AGM on July 15.

Read: It's raining cheques for Ambani! Saudi Arabia-based PIF to invest Rs 11,367 crore in Jio Platforms

Read: Mukesh Ambani fulfils promise to shareholders as RIL becomes net-debt free months before target