...April 25, 2024 This report does not constitute a rating action. SINGAPORE (S&P Global Ratings) April 25, 2024--Reliance Industries Ltd.'s (RIL) strong earnings will keep leverage in check as the company continues to pursue growth ambitions. We expect the company's debt-to EBITDA ratio to remain commensurate with the rating (###+/Stable/--). RIL's growth aspirations remain intact. The company has ramped up investments in the media business in recent months. In 2024, it entered into binding definitive agreements with The Walt Disney Co. for a media joint venture in which RIL will invest Indian rupee (INR) 115 billion. The India-based company subsequently agreed to buy Paramount Global's 13.01% stake in local entertainment network Viacom18 Media Pte. Ltd. for approximately INR43 billion. These investments are in line with RIL's strategy to diversify and have a strong presence in a few key industries. Meanwhile, RIL received government approval in 2024 to develop gas reserves in the KG-D6 block...
