₹1.15 trillion through a 24.71% stake sale in digital assets subsidiary Jio Platforms Ltd to nearly a dozen investors, including Facebook Inc.
Reliance also raised ₹53,124 crore through a sale of shares to existing investors. In addition, it sold a 49% stake in its fuel retail business to BP Plc for ₹7,000 crore.According to Fitch’s estimates, RIL’s net debt/EBITDA will fall to 0.6 times in FY21 from 2.3 times in FY20 and added that local-currency IDR also reflects its strong business profile with a market leading position and diversified cash flows from a mix of oil to chemical and consumer businesses.
RIL's current hard currency external debt-service ratio is less than 1 times but Fitch expects the ratio to rise above 1 times beyond.