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Mukesh Ambani seeks to prove debt plan skeptics wrong

city Mumbai Saudi Arabia 2020 pandemic Coronavirus
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Mukesh Ambani, Asia’s richest man, accelerated the timeframe for wiping out $21 billion in net debt at his Reliance Industries Ltd., seeking to quash skepticism that emerged as talks to sell a stake in some assets to Saudi Arabian Oil Co.

have dragged on. The oil, telecom and retail conglomerate now expects to reach zero net debt ahead of the March 2021 target Ambani had set in August, the Mumbai-based company said in a statement Thursday.

A $7 billion share sale to existing investors was approved by the board on Thursday, a week after Facebook Inc. agreed to invest $5.7 billion in Reliance Industries’ Jio Platforms business.

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COVID-19
United States
United States
Cases: 46 252 513
Deaths: 750 423
Recovered: 0
India
India
Cases: 34 321 025
Deaths: 459 652
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Brazil
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Cases: 21 835 785
Deaths: 608 235
Recovered: 0
United Kingdom
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Cases: 9 215 683
Deaths: 141 607
Recovered: 0
Russia
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Deaths: 237 619
Recovered: 0
Detail statistic
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