New Delhi: Asset monetization in Jio Platforms along with the $7 billion rights issue should reduce Reliance Industries Limited (RIL)s net debt by more than half, according to a report by Morgan Stanley.
It said that multiple catalysts are in play with faster than expected deleveraging, improving demand and margin outlook on refining and chemicals, top quartile earnings CAGR of 23 per cent over F20-23, and digitisation, supporting multiples.
Reliance Industries announced today an investment of $252 million by Intel Capital for a 0.39 per cent stake in Jio Platforms.
This investment values Jio Platforms at $68.8 billion,along similar lines as the recently announced stake sale.
Intel Capital is the investment arm of Intel corporation. Since 1991, Intel Capital has invested $12.9 billion in more than 1,582companies worldwide. RIL highlighted that it plans to work with Intel on new technologies.