...May 6, 2020 SINGAPORE (S&P Global Ratings) May 6, 2020--S&P Global Ratings today said that proceeds from recently announced asset sales will improve Reliance Industries Ltd.'s (RIL; ###+/Stable/--) financial flexibility, and further its goal of being effectively debt free by March 2021. RIL is planning an Indian rupee (INR) 530 billion equity rights issuance. It has also announced the sale of another 1.15% stake in Jio Platforms Ltd. to the U.S. private equity firm Silver Lake Partners, raising INR56.6 billion. This follows RIL's binding agreement to sell a 9.99% stake in Jio Platforms to Facebook Inc. for INR435.7 billion (US$5.7 billion). Combined with an expected INR70 billion of proceeds from its joint-venture with BP PLC, RIL will likely receive about INR1.1 trillion from the above transactions. While we only include the proceeds from the Facebook deal in our base-case model, we believe the additional asset sales may also improve India-based RIL's financial flexibility and cut its...
