<\/strong>
Mukesh Ambani<\/a>, Asia’s richest man, accelerated the timeframe for wiping out $21 billion in net debt<\/a> at his Reliance Industries<\/a> Ltd., seeking to quash skepticism that emerged as talks to sell a stake in some assets to Saudi Arabian Oil<\/a> 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<\/a> was approved by the board on Thursday, a week after Facebook Inc. agreed to invest $5.7 billion in Reliance Industries’ Jio Platforms business<\/a>.
The rights issue -- the latest in a series of fund-raising efforts -- may help Ambani, 63, pay down borrowings that piled up as the company spent almost $50 billion to roll out a wireless network. Building investor confidence has become all-the-more crucial after the pandemic caused a crash in oil prices, undermining prospects for Reliance’s proposal to sell an estimated $15 billion stake in its oil and chemicals business to Saudi Arabian Oil.
Talks on the investment by the world’s biggest oil producer are on course, Reliance said Thursday in the statement. The company also said it has sought regulatory approvals to carve out the oil and chemicals division. Investors have sought clues to the progress of negotiations with Aramco, as the Saudi company is known, helping drag the stock to a two-year low in March. The shares have rebounded, gaining about 66 per cent since the March 23 close, on renewed confidence in Ambani’s ability to attract investors.
![\"\"](\"\/\/www.iser-br.com\/Themes\/Release\/images\/responsive\/ettelecom-default.jpg\")
“Reliance Industries has demonstrated excellent timing for fund raising,” said Chakri Lokapriya, chief investment officer at TCG Asset Management. “The Jio Platforms-Facebook deal provides Reliance a huge, scalable business venture with first-mover advantage. The rights issue is a smart way of raising capital.”
Ambani’s focus on paying down debt and attracting investors also comes as Reliance on Thursday reported its biggest profit slump since 2008, missing analyst estimates, on a plunge in oil prices and slumping demand.
Profit plunged by nearly 40 per cent in the March quarter as the coronavirus outbreak slammed fuel demand. To cut costs, Ambani is foregoing his pay and has cut salaries at the oil unit, the company said Thursday.
The billionaire has vowed to shift Reliance away from dependence on profit from its energy-related businesses to faster-growing consumer segments including its digital platform and retail.
Reliance said Thursday that it has received interest from new potential global partners in taking a stake of similar size to Facebook’s agreement to buy a 10 per cent stake in the company’s platform business.
Read also<\/h4><\/a><\/figure>RIL’s net debt may come down by 28%<\/a><\/h5><\/div><\/a><\/figure>RIL promoters show commitment to make it debt-free<\/a><\/h5><\/div><\/div><\/div>
Reliance “has received strong interest from other strategic and financial investors and is in good shape to announce a similar sized investment in the coming months,” it said in a statement. The company “is set to achieve net zero debt status ahead of its own aggressive timeline.”
The Facebook-Jio Platforms transaction is to be closed by end of this quarter, the company said in a presentation to investors on its website.
Under the planned rights offering, Reliance will issue shares worth 531.3 billion rupees, it said Thursday. The deal includes one rights share for every 15 held, at 1,257 rupees each, or 14 per cent lower than the closing price on Thursday. Ambani and other members of the founding family who own stakes will subscribe to their entire entitled portion and will buy any stock left over, under the plan.
The offering comes at a tumultuous time for many companies in India.
Even before the pandemic triggered one of the world’s most extensive lockdowns and slammed economic growth, companies were struggling to raise money as banks cut back lending. The atmosphere may make it hard for Ambani to come through on his plans, said Arun Kejriwal, director at KRIS, an investment advisory firm in Mumbai.
“The rights issuance is not attractive,” said Kejriwal. “Hence, the math is not adding up for Reliance in cutting its net debt to zero ahead of the promised deadline. The road map needs to be clearer as the earnings were below expectations.”
<\/span><\/figcaption><\/figure>
Adjusted debt peaked at 2.7 trillion rupees in fiscal 2020, according to S&P Global Ratings. The ratings company expects that to decline to about 2.2 trillion rupees in the following year and 1.7 trillion rupees by fiscal 2023.
Earnings growth at the company’s digital and retail segments will be about 50 per cent in fiscal 2020, S&P estimates. The businesses will account for about 40 per cent of the company’s earnings before interest, taxes, depreciation and amortization, from just 3 per cent in 2017, S&P said.
“The company’s strategy of transforming its upstream energy focus to domestic consumption-driven businesses has been successful,” S&P said in an April 28 report affirming Reliance’s BBB+ credit rating. “We expect digital and retail growth to continue in fiscals 2021 and 2022.”
<\/body>","next_sibling":[{"msid":75502785,"title":"Apple ships 1 million face shields every week to health care workers","entity_type":"ARTICLE","link":"\/news\/apple-ships-1-million-face-shields-every-week-to-health-care-workers\/75502785","category_name":null,"category_name_seo":"telecomnews"}],"related_content":[{"msid":"75487965","title":"Mukesh-Ambani-","entity_type":"IMAGES","seopath":"markets\/stocks\/news\/asias-richest-man-seeks-to-prove-skeptics-wrong-on-debt-plan\/mukesh-ambani-","category_name":"Asia\u2019s richest man seeks to prove skeptics wrong on debt plan","synopsis":"The offering comes at a tumultuous time for many companies in India.","thumb":"https:\/\/etimg.etb2bimg.com\/thumb\/img-size-429099\/75487965.cms?width=150&height=112","link":"\/image\/markets\/stocks\/news\/asias-richest-man-seeks-to-prove-skeptics-wrong-on-debt-plan\/mukesh-ambani-\/75487965"}],"msid":75503672,"entity_type":"ARTICLE","title":"Asia\u2019s richest man seeks to prove skeptics wrong on debt plan","synopsis":"The company said it has sought approvals to carve out the oil and chemicals division.","titleseo":"telecomnews\/asias-richest-man-seeks-to-prove-skeptics-wrong-on-debt-plan","status":"ACTIVE","authors":[],"analytics":{"comments":0,"views":7142,"shares":0,"engagementtimems":746000,"url":"https:\/\/ettelecom.indiatimes.com\/telecomnews\/asias-richest-man-seeks-to-prove-skeptics-wrong-on-debt-plan\/articleshow\/75503672.cms"},"Alttitle":{"minfo":""},"artag":"Bloomberg","artdate":"2020-05-02 14:07:19","lastupd":"2020-05-04 08:41:27","breadcrumbTags":["Mukesh Ambani","oil","reliance industries","business","Industry","debt","investors"],"secinfo":{"seolocation":"telecomnews\/asias-richest-man-seeks-to-prove-skeptics-wrong-on-debt-plan"}}" data-authors="[" "]" data-category-name="" data-category_id="" data-date="2020-05-02" data-index="article_1">
通过P R Sanjai
穆凯什•安巴尼亚洲首富,加速消灭210亿美元的净的时间表债务在他的信实工业公司有限公司,试图平息质疑,成为谈判向沙特阿拉伯出售一些资产的股份石油公司已拖延。
石油、电信和零售集团目前预计达到零净债务在2021年3月目标安巴尼在8月,孟买公司周四在一份声明中说。现有的70亿美元售股投资者周四由董事会批准,Facebook inc .一周后同意投资57亿美元在信实工业Jio平台业务。
配股——最新的一系列筹款努力有助于安巴尼,63年,大量偿还借款,而该公司花了近500亿美元推出无线网络。建立投资者的信心已经成为更重要的流行导致的油价后,破坏前景依赖的提议出售约150亿美元的股份沙特阿拉伯石油的石油和化学品业务。
谈判投资由世界上最大的石油生产国,周四在声明中说的依赖。该公司还表示,它寻求监管批准开拓石油和化工部门。投资者寻求线索与阿拉伯国家石油公司谈判的进展,作为沙特公司,帮助把股票在3月至两年低点。股价反弹,获得约66%自3月23日关闭,在安巴尼的能力吸引投资者重拾信心。
“信实工业展示优秀的融资时机,”克里Lokapriya说,公布资产管理首席投资官。“Jio Platforms-Facebook交易提供依赖一个巨大的、可伸缩的先发优势的企业。配股筹资是一个聪明的方式。”
巴尼的关注偿还债务和吸引投资者也正值依赖周四公布了自2008年以来最大的利润下滑,失踪的分析师预期,油价暴跌和下滑的需求。
在第一季度利润下降了近40%的冠状病毒爆发猛烈抨击燃料需求。削减成本,安巴尼的他的工资和削减工资在石油单位,该公司周四表示。
亿万富翁已誓言将依赖远离依赖利润从其能源相关企业快速增长的消费领域包括数字平台和零售。
依赖周四说,它已经收到了新的潜在的全球合作伙伴的持股规模类似Facebook的协议购买10%的股份公司的业务平台。
依赖”已收到其他战略和金融投资者的浓厚兴趣和良好地宣布一个相似大小的投资在未来几个月,”在一份声明中说。该公司“将实现零净债务地位之前,自己的积极的时间表。”
Facebook-Jio平台交易将关闭本季度末,该公司在向投资者表示在其网站上说。
根据计划供股,依赖将发行股票价值5313亿卢比,这周四表示。协议包含一个权利分享每15,1257卢比,或比周四的收盘价低14%。安巴尼和创始家族的其他成员自己的股份将订阅他们的整个题为剩下部分和将购买任何股票,根据该计划。
对许多公司提供动荡之际,在印度。
甚至在大流行性流感引发了世界上最广泛的封锁和抨击经济增长,企业都难以筹集资金,银行减少放贷。大气中可能使安巴尼很难通过他的计划,说阿伦是个大好,克丽丝的董事,在孟买一家投资顾问公司。
说:“发行的权利不是有吸引力的大好。“因此,数学不是添加在削减依赖净债务为零之前承诺的最后期限。路线图需要清晰的盈利低于预期。”
调整债务达到2.7万亿卢比在2020财政年度,根据标准普尔全球评级。评级公司预计,在第二年下降到大约2.2万亿卢比,2023财年1.7万亿卢比。
公司盈利增长的数字和零售领域在2020财年将约50%,标准普尔估计。企业将占到公司收入的40%利息、税收、折旧和摊销,从2017年的仅为3%,标普说。
“改变其上游能源的公司的战略重点转向国内消费驱动型企业取得成功,”标普在一份4月28日报告说肯定的BBB +信用评级的依赖。“我们预计数字和零售增长继续在2021年和2022年财政。”
By P R Sanjai
<\/strong>
Mukesh Ambani<\/a>, Asia’s richest man, accelerated the timeframe for wiping out $21 billion in net debt<\/a> at his Reliance Industries<\/a> Ltd., seeking to quash skepticism that emerged as talks to sell a stake in some assets to Saudi Arabian Oil<\/a> 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<\/a> was approved by the board on Thursday, a week after Facebook Inc. agreed to invest $5.7 billion in Reliance Industries’ Jio Platforms business<\/a>.
The rights issue -- the latest in a series of fund-raising efforts -- may help Ambani, 63, pay down borrowings that piled up as the company spent almost $50 billion to roll out a wireless network. Building investor confidence has become all-the-more crucial after the pandemic caused a crash in oil prices, undermining prospects for Reliance’s proposal to sell an estimated $15 billion stake in its oil and chemicals business to Saudi Arabian Oil.
Talks on the investment by the world’s biggest oil producer are on course, Reliance said Thursday in the statement. The company also said it has sought regulatory approvals to carve out the oil and chemicals division. Investors have sought clues to the progress of negotiations with Aramco, as the Saudi company is known, helping drag the stock to a two-year low in March. The shares have rebounded, gaining about 66 per cent since the March 23 close, on renewed confidence in Ambani’s ability to attract investors.
<\/span><\/figcaption><\/figure>
“Reliance Industries has demonstrated excellent timing for fund raising,” said Chakri Lokapriya, chief investment officer at TCG Asset Management. “The Jio Platforms-Facebook deal provides Reliance a huge, scalable business venture with first-mover advantage. The rights issue is a smart way of raising capital.”
Ambani’s focus on paying down debt and attracting investors also comes as Reliance on Thursday reported its biggest profit slump since 2008, missing analyst estimates, on a plunge in oil prices and slumping demand.
Profit plunged by nearly 40 per cent in the March quarter as the coronavirus outbreak slammed fuel demand. To cut costs, Ambani is foregoing his pay and has cut salaries at the oil unit, the company said Thursday.
The billionaire has vowed to shift Reliance away from dependence on profit from its energy-related businesses to faster-growing consumer segments including its digital platform and retail.
Reliance said Thursday that it has received interest from new potential global partners in taking a stake of similar size to Facebook’s agreement to buy a 10 per cent stake in the company’s platform business.
Read also<\/h4><\/a><\/figure>RIL’s net debt may come down by 28%<\/a><\/h5><\/div><\/a><\/figure>RIL promoters show commitment to make it debt-free<\/a><\/h5><\/div><\/div><\/div>
Reliance “has received strong interest from other strategic and financial investors and is in good shape to announce a similar sized investment in the coming months,” it said in a statement. The company “is set to achieve net zero debt status ahead of its own aggressive timeline.”
The Facebook-Jio Platforms transaction is to be closed by end of this quarter, the company said in a presentation to investors on its website.
Under the planned rights offering, Reliance will issue shares worth 531.3 billion rupees, it said Thursday. The deal includes one rights share for every 15 held, at 1,257 rupees each, or 14 per cent lower than the closing price on Thursday. Ambani and other members of the founding family who own stakes will subscribe to their entire entitled portion and will buy any stock left over, under the plan.
The offering comes at a tumultuous time for many companies in India.
Even before the pandemic triggered one of the world’s most extensive lockdowns and slammed economic growth, companies were struggling to raise money as banks cut back lending. The atmosphere may make it hard for Ambani to come through on his plans, said Arun Kejriwal, director at KRIS, an investment advisory firm in Mumbai.
“The rights issuance is not attractive,” said Kejriwal. “Hence, the math is not adding up for Reliance in cutting its net debt to zero ahead of the promised deadline. The road map needs to be clearer as the earnings were below expectations.”
<\/span><\/figcaption><\/figure>
Adjusted debt peaked at 2.7 trillion rupees in fiscal 2020, according to S&P Global Ratings. The ratings company expects that to decline to about 2.2 trillion rupees in the following year and 1.7 trillion rupees by fiscal 2023.
Earnings growth at the company’s digital and retail segments will be about 50 per cent in fiscal 2020, S&P estimates. The businesses will account for about 40 per cent of the company’s earnings before interest, taxes, depreciation and amortization, from just 3 per cent in 2017, S&P said.
“The company’s strategy of transforming its upstream energy focus to domestic consumption-driven businesses has been successful,” S&P said in an April 28 report affirming Reliance’s BBB+ credit rating. “We expect digital and retail growth to continue in fiscals 2021 and 2022.”
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<\/a><\/figure>RIL’s net debt may come down by 28%<\/a><\/h5><\/div><\/a><\/figure>RIL promoters show commitment to make it debt-free<\/a><\/h5><\/div><\/div><\/div>
Reliance “has received strong interest from other strategic and financial investors and is in good shape to announce a similar sized investment in the coming months,” it said in a statement. The company “is set to achieve net zero debt status ahead of its own aggressive timeline.”
The Facebook-Jio Platforms transaction is to be closed by end of this quarter, the company said in a presentation to investors on its website.
Under the planned rights offering, Reliance will issue shares worth 531.3 billion rupees, it said Thursday. The deal includes one rights share for every 15 held, at 1,257 rupees each, or 14 per cent lower than the closing price on Thursday. Ambani and other members of the founding family who own stakes will subscribe to their entire entitled portion and will buy any stock left over, under the plan.
The offering comes at a tumultuous time for many companies in India.
Even before the pandemic triggered one of the world’s most extensive lockdowns and slammed economic growth, companies were struggling to raise money as banks cut back lending. The atmosphere may make it hard for Ambani to come through on his plans, said Arun Kejriwal, director at KRIS, an investment advisory firm in Mumbai.
“The rights issuance is not attractive,” said Kejriwal. “Hence, the math is not adding up for Reliance in cutting its net debt to zero ahead of the promised deadline. The road map needs to be clearer as the earnings were below expectations.”
<\/span><\/figcaption><\/figure>
Adjusted debt peaked at 2.7 trillion rupees in fiscal 2020, according to S&P Global Ratings. The ratings company expects that to decline to about 2.2 trillion rupees in the following year and 1.7 trillion rupees by fiscal 2023.
Earnings growth at the company’s digital and retail segments will be about 50 per cent in fiscal 2020, S&P estimates. The businesses will account for about 40 per cent of the company’s earnings before interest, taxes, depreciation and amortization, from just 3 per cent in 2017, S&P said.
“The company’s strategy of transforming its upstream energy focus to domestic consumption-driven businesses has been successful,” S&P said in an April 28 report affirming Reliance’s BBB+ credit rating. “We expect digital and retail growth to continue in fiscals 2021 and 2022.”
<\/body>","next_sibling":[{"msid":75502785,"title":"Apple ships 1 million face shields every week to health care workers","entity_type":"ARTICLE","link":"\/news\/apple-ships-1-million-face-shields-every-week-to-health-care-workers\/75502785","category_name":null,"category_name_seo":"telecomnews"}],"related_content":[{"msid":"75487965","title":"Mukesh-Ambani-","entity_type":"IMAGES","seopath":"markets\/stocks\/news\/asias-richest-man-seeks-to-prove-skeptics-wrong-on-debt-plan\/mukesh-ambani-","category_name":"Asia\u2019s richest man seeks to prove skeptics wrong on debt plan","synopsis":"The offering comes at a tumultuous time for many companies in India.","thumb":"https:\/\/etimg.etb2bimg.com\/thumb\/img-size-429099\/75487965.cms?width=150&height=112","link":"\/image\/markets\/stocks\/news\/asias-richest-man-seeks-to-prove-skeptics-wrong-on-debt-plan\/mukesh-ambani-\/75487965"}],"msid":75503672,"entity_type":"ARTICLE","title":"Asia\u2019s richest man seeks to prove skeptics wrong on debt plan","synopsis":"The company said it has sought approvals to carve out the oil and chemicals division.","titleseo":"telecomnews\/asias-richest-man-seeks-to-prove-skeptics-wrong-on-debt-plan","status":"ACTIVE","authors":[],"analytics":{"comments":0,"views":7142,"shares":0,"engagementtimems":746000,"url":"https:\/\/ettelecom.indiatimes.com\/telecomnews\/asias-richest-man-seeks-to-prove-skeptics-wrong-on-debt-plan\/articleshow\/75503672.cms"},"Alttitle":{"minfo":""},"artag":"Bloomberg","artdate":"2020-05-02 14:07:19","lastupd":"2020-05-04 08:41:27","breadcrumbTags":["Mukesh Ambani","oil","reliance industries","business","Industry","debt","investors"],"secinfo":{"seolocation":"telecomnews\/asias-richest-man-seeks-to-prove-skeptics-wrong-on-debt-plan"}}" data-authors="[" "]" data-category-name="" data-category_id="" data-date="2020-05-02" data-index="article_1">
通过P R Sanjai
穆凯什•安巴尼亚洲首富,加速消灭210亿美元的净的时间表债务在他的信实工业公司有限公司,试图平息质疑,成为谈判向沙特阿拉伯出售一些资产的股份石油公司已拖延。
石油、电信和零售集团目前预计达到零净债务在2021年3月目标安巴尼在8月,孟买公司周四在一份声明中说。现有的70亿美元售股投资者周四由董事会批准,Facebook inc .一周后同意投资57亿美元在信实工业Jio平台业务。
配股——最新的一系列筹款努力有助于安巴尼,63年,大量偿还借款,而该公司花了近500亿美元推出无线网络。建立投资者的信心已经成为更重要的流行导致的油价后,破坏前景依赖的提议出售约150亿美元的股份沙特阿拉伯石油的石油和化学品业务。
谈判投资由世界上最大的石油生产国,周四在声明中说的依赖。该公司还表示,它寻求监管批准开拓石油和化工部门。投资者寻求线索与阿拉伯国家石油公司谈判的进展,作为沙特公司,帮助把股票在3月至两年低点。股价反弹,获得约66%自3月23日关闭,在安巴尼的能力吸引投资者重拾信心。
“信实工业展示优秀的融资时机,”克里Lokapriya说,公布资产管理首席投资官。“Jio Platforms-Facebook交易提供依赖一个巨大的、可伸缩的先发优势的企业。配股筹资是一个聪明的方式。”
巴尼的关注偿还债务和吸引投资者也正值依赖周四公布了自2008年以来最大的利润下滑,失踪的分析师预期,油价暴跌和下滑的需求。
在第一季度利润下降了近40%的冠状病毒爆发猛烈抨击燃料需求。削减成本,安巴尼的他的工资和削减工资在石油单位,该公司周四表示。
亿万富翁已誓言将依赖远离依赖利润从其能源相关企业快速增长的消费领域包括数字平台和零售。
依赖周四说,它已经收到了新的潜在的全球合作伙伴的持股规模类似Facebook的协议购买10%的股份公司的业务平台。
依赖”已收到其他战略和金融投资者的浓厚兴趣和良好地宣布一个相似大小的投资在未来几个月,”在一份声明中说。该公司“将实现零净债务地位之前,自己的积极的时间表。”
Facebook-Jio平台交易将关闭本季度末,该公司在向投资者表示在其网站上说。
根据计划供股,依赖将发行股票价值5313亿卢比,这周四表示。协议包含一个权利分享每15,1257卢比,或比周四的收盘价低14%。安巴尼和创始家族的其他成员自己的股份将订阅他们的整个题为剩下部分和将购买任何股票,根据该计划。
对许多公司提供动荡之际,在印度。
甚至在大流行性流感引发了世界上最广泛的封锁和抨击经济增长,企业都难以筹集资金,银行减少放贷。大气中可能使安巴尼很难通过他的计划,说阿伦是个大好,克丽丝的董事,在孟买一家投资顾问公司。
说:“发行的权利不是有吸引力的大好。“因此,数学不是添加在削减依赖净债务为零之前承诺的最后期限。路线图需要清晰的盈利低于预期。”
调整债务达到2.7万亿卢比在2020财政年度,根据标准普尔全球评级。评级公司预计,在第二年下降到大约2.2万亿卢比,2023财年1.7万亿卢比。
公司盈利增长的数字和零售领域在2020财年将约50%,标准普尔估计。企业将占到公司收入的40%利息、税收、折旧和摊销,从2017年的仅为3%,标普说。
“改变其上游能源的公司的战略重点转向国内消费驱动型企业取得成功,”标普在一份4月28日报告说肯定的BBB +信用评级的依赖。“我们预计数字和零售增长继续在2021年和2022年财政。”
By P R Sanjai
<\/strong>
Mukesh Ambani<\/a>, Asia’s richest man, accelerated the timeframe for wiping out $21 billion in net debt<\/a> at his Reliance Industries<\/a> Ltd., seeking to quash skepticism that emerged as talks to sell a stake in some assets to Saudi Arabian Oil<\/a> 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<\/a> was approved by the board on Thursday, a week after Facebook Inc. agreed to invest $5.7 billion in Reliance Industries’ Jio Platforms business<\/a>.
The rights issue -- the latest in a series of fund-raising efforts -- may help Ambani, 63, pay down borrowings that piled up as the company spent almost $50 billion to roll out a wireless network. Building investor confidence has become all-the-more crucial after the pandemic caused a crash in oil prices, undermining prospects for Reliance’s proposal to sell an estimated $15 billion stake in its oil and chemicals business to Saudi Arabian Oil.
Talks on the investment by the world’s biggest oil producer are on course, Reliance said Thursday in the statement. The company also said it has sought regulatory approvals to carve out the oil and chemicals division. Investors have sought clues to the progress of negotiations with Aramco, as the Saudi company is known, helping drag the stock to a two-year low in March. The shares have rebounded, gaining about 66 per cent since the March 23 close, on renewed confidence in Ambani’s ability to attract investors.
<\/span><\/figcaption><\/figure>
“Reliance Industries has demonstrated excellent timing for fund raising,” said Chakri Lokapriya, chief investment officer at TCG Asset Management. “The Jio Platforms-Facebook deal provides Reliance a huge, scalable business venture with first-mover advantage. The rights issue is a smart way of raising capital.”
Ambani’s focus on paying down debt and attracting investors also comes as Reliance on Thursday reported its biggest profit slump since 2008, missing analyst estimates, on a plunge in oil prices and slumping demand.
Profit plunged by nearly 40 per cent in the March quarter as the coronavirus outbreak slammed fuel demand. To cut costs, Ambani is foregoing his pay and has cut salaries at the oil unit, the company said Thursday.
The billionaire has vowed to shift Reliance away from dependence on profit from its energy-related businesses to faster-growing consumer segments including its digital platform and retail.
Reliance said Thursday that it has received interest from new potential global partners in taking a stake of similar size to Facebook’s agreement to buy a 10 per cent stake in the company’s platform business.
Read also<\/h4><\/a><\/figure>RIL’s net debt may come down by 28%<\/a><\/h5><\/div><\/a><\/figure>RIL promoters show commitment to make it debt-free<\/a><\/h5><\/div><\/div><\/div>
Reliance “has received strong interest from other strategic and financial investors and is in good shape to announce a similar sized investment in the coming months,” it said in a statement. The company “is set to achieve net zero debt status ahead of its own aggressive timeline.”
The Facebook-Jio Platforms transaction is to be closed by end of this quarter, the company said in a presentation to investors on its website.
Under the planned rights offering, Reliance will issue shares worth 531.3 billion rupees, it said Thursday. The deal includes one rights share for every 15 held, at 1,257 rupees each, or 14 per cent lower than the closing price on Thursday. Ambani and other members of the founding family who own stakes will subscribe to their entire entitled portion and will buy any stock left over, under the plan.
The offering comes at a tumultuous time for many companies in India.
Even before the pandemic triggered one of the world’s most extensive lockdowns and slammed economic growth, companies were struggling to raise money as banks cut back lending. The atmosphere may make it hard for Ambani to come through on his plans, said Arun Kejriwal, director at KRIS, an investment advisory firm in Mumbai.
“The rights issuance is not attractive,” said Kejriwal. “Hence, the math is not adding up for Reliance in cutting its net debt to zero ahead of the promised deadline. The road map needs to be clearer as the earnings were below expectations.”
<\/span><\/figcaption><\/figure>
Adjusted debt peaked at 2.7 trillion rupees in fiscal 2020, according to S&P Global Ratings. The ratings company expects that to decline to about 2.2 trillion rupees in the following year and 1.7 trillion rupees by fiscal 2023.
Earnings growth at the company’s digital and retail segments will be about 50 per cent in fiscal 2020, S&P estimates. The businesses will account for about 40 per cent of the company’s earnings before interest, taxes, depreciation and amortization, from just 3 per cent in 2017, S&P said.
“The company’s strategy of transforming its upstream energy focus to domestic consumption-driven businesses has been successful,” S&P said in an April 28 report affirming Reliance’s BBB+ credit rating. “We expect digital and retail growth to continue in fiscals 2021 and 2022.”
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<\/a><\/figure>RIL promoters show commitment to make it debt-free<\/a><\/h5><\/div><\/div><\/div>
Reliance “has received strong interest from other strategic and financial investors and is in good shape to announce a similar sized investment in the coming months,” it said in a statement. The company “is set to achieve net zero debt status ahead of its own aggressive timeline.”
The Facebook-Jio Platforms transaction is to be closed by end of this quarter, the company said in a presentation to investors on its website.
Under the planned rights offering, Reliance will issue shares worth 531.3 billion rupees, it said Thursday. The deal includes one rights share for every 15 held, at 1,257 rupees each, or 14 per cent lower than the closing price on Thursday. Ambani and other members of the founding family who own stakes will subscribe to their entire entitled portion and will buy any stock left over, under the plan.
The offering comes at a tumultuous time for many companies in India.
Even before the pandemic triggered one of the world’s most extensive lockdowns and slammed economic growth, companies were struggling to raise money as banks cut back lending. The atmosphere may make it hard for Ambani to come through on his plans, said Arun Kejriwal, director at KRIS, an investment advisory firm in Mumbai.
“The rights issuance is not attractive,” said Kejriwal. “Hence, the math is not adding up for Reliance in cutting its net debt to zero ahead of the promised deadline. The road map needs to be clearer as the earnings were below expectations.”
<\/span><\/figcaption><\/figure>
Adjusted debt peaked at 2.7 trillion rupees in fiscal 2020, according to S&P Global Ratings. The ratings company expects that to decline to about 2.2 trillion rupees in the following year and 1.7 trillion rupees by fiscal 2023.
Earnings growth at the company’s digital and retail segments will be about 50 per cent in fiscal 2020, S&P estimates. The businesses will account for about 40 per cent of the company’s earnings before interest, taxes, depreciation and amortization, from just 3 per cent in 2017, S&P said.
“The company’s strategy of transforming its upstream energy focus to domestic consumption-driven businesses has been successful,” S&P said in an April 28 report affirming Reliance’s BBB+ credit rating. “We expect digital and retail growth to continue in fiscals 2021 and 2022.”
<\/body>","next_sibling":[{"msid":75502785,"title":"Apple ships 1 million face shields every week to health care workers","entity_type":"ARTICLE","link":"\/news\/apple-ships-1-million-face-shields-every-week-to-health-care-workers\/75502785","category_name":null,"category_name_seo":"telecomnews"}],"related_content":[{"msid":"75487965","title":"Mukesh-Ambani-","entity_type":"IMAGES","seopath":"markets\/stocks\/news\/asias-richest-man-seeks-to-prove-skeptics-wrong-on-debt-plan\/mukesh-ambani-","category_name":"Asia\u2019s richest man seeks to prove skeptics wrong on debt plan","synopsis":"The offering comes at a tumultuous time for many companies in India.","thumb":"https:\/\/etimg.etb2bimg.com\/thumb\/img-size-429099\/75487965.cms?width=150&height=112","link":"\/image\/markets\/stocks\/news\/asias-richest-man-seeks-to-prove-skeptics-wrong-on-debt-plan\/mukesh-ambani-\/75487965"}],"msid":75503672,"entity_type":"ARTICLE","title":"Asia\u2019s richest man seeks to prove skeptics wrong on debt plan","synopsis":"The company said it has sought approvals to carve out the oil and chemicals division.","titleseo":"telecomnews\/asias-richest-man-seeks-to-prove-skeptics-wrong-on-debt-plan","status":"ACTIVE","authors":[],"analytics":{"comments":0,"views":7142,"shares":0,"engagementtimems":746000,"url":"https:\/\/ettelecom.indiatimes.com\/telecomnews\/asias-richest-man-seeks-to-prove-skeptics-wrong-on-debt-plan\/articleshow\/75503672.cms"},"Alttitle":{"minfo":""},"artag":"Bloomberg","artdate":"2020-05-02 14:07:19","lastupd":"2020-05-04 08:41:27","breadcrumbTags":["Mukesh Ambani","oil","reliance industries","business","Industry","debt","investors"],"secinfo":{"seolocation":"telecomnews\/asias-richest-man-seeks-to-prove-skeptics-wrong-on-debt-plan"}}" data-authors="[" "]" data-category-name="" data-category_id="" data-date="2020-05-02" data-index="article_1">
通过P R Sanjai
穆凯什•安巴尼亚洲首富,加速消灭210亿美元的净的时间表债务在他的信实工业公司有限公司,试图平息质疑,成为谈判向沙特阿拉伯出售一些资产的股份石油公司已拖延。
石油、电信和零售集团目前预计达到零净债务在2021年3月目标安巴尼在8月,孟买公司周四在一份声明中说。现有的70亿美元售股投资者周四由董事会批准,Facebook inc .一周后同意投资57亿美元在信实工业Jio平台业务。
配股——最新的一系列筹款努力有助于安巴尼,63年,大量偿还借款,而该公司花了近500亿美元推出无线网络。建立投资者的信心已经成为更重要的流行导致的油价后,破坏前景依赖的提议出售约150亿美元的股份沙特阿拉伯石油的石油和化学品业务。
谈判投资由世界上最大的石油生产国,周四在声明中说的依赖。该公司还表示,它寻求监管批准开拓石油和化工部门。投资者寻求线索与阿拉伯国家石油公司谈判的进展,作为沙特公司,帮助把股票在3月至两年低点。股价反弹,获得约66%自3月23日关闭,在安巴尼的能力吸引投资者重拾信心。
“信实工业展示优秀的融资时机,”克里Lokapriya说,公布资产管理首席投资官。“Jio Platforms-Facebook交易提供依赖一个巨大的、可伸缩的先发优势的企业。配股筹资是一个聪明的方式。”
巴尼的关注偿还债务和吸引投资者也正值依赖周四公布了自2008年以来最大的利润下滑,失踪的分析师预期,油价暴跌和下滑的需求。
在第一季度利润下降了近40%的冠状病毒爆发猛烈抨击燃料需求。削减成本,安巴尼的他的工资和削减工资在石油单位,该公司周四表示。
亿万富翁已誓言将依赖远离依赖利润从其能源相关企业快速增长的消费领域包括数字平台和零售。
依赖周四说,它已经收到了新的潜在的全球合作伙伴的持股规模类似Facebook的协议购买10%的股份公司的业务平台。
依赖”已收到其他战略和金融投资者的浓厚兴趣和良好地宣布一个相似大小的投资在未来几个月,”在一份声明中说。该公司“将实现零净债务地位之前,自己的积极的时间表。”
Facebook-Jio平台交易将关闭本季度末,该公司在向投资者表示在其网站上说。
根据计划供股,依赖将发行股票价值5313亿卢比,这周四表示。协议包含一个权利分享每15,1257卢比,或比周四的收盘价低14%。安巴尼和创始家族的其他成员自己的股份将订阅他们的整个题为剩下部分和将购买任何股票,根据该计划。
对许多公司提供动荡之际,在印度。
甚至在大流行性流感引发了世界上最广泛的封锁和抨击经济增长,企业都难以筹集资金,银行减少放贷。大气中可能使安巴尼很难通过他的计划,说阿伦是个大好,克丽丝的董事,在孟买一家投资顾问公司。
说:“发行的权利不是有吸引力的大好。“因此,数学不是添加在削减依赖净债务为零之前承诺的最后期限。路线图需要清晰的盈利低于预期。”
调整债务达到2.7万亿卢比在2020财政年度,根据标准普尔全球评级。评级公司预计,在第二年下降到大约2.2万亿卢比,2023财年1.7万亿卢比。
公司盈利增长的数字和零售领域在2020财年将约50%,标准普尔估计。企业将占到公司收入的40%利息、税收、折旧和摊销,从2017年的仅为3%,标普说。
“改变其上游能源的公司的战略重点转向国内消费驱动型企业取得成功,”标普在一份4月28日报告说肯定的BBB +信用评级的依赖。“我们预计数字和零售增长继续在2021年和2022年财政。”
By P R Sanjai
<\/strong>
Mukesh Ambani<\/a>, Asia’s richest man, accelerated the timeframe for wiping out $21 billion in net debt<\/a> at his Reliance Industries<\/a> Ltd., seeking to quash skepticism that emerged as talks to sell a stake in some assets to Saudi Arabian Oil<\/a> 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<\/a> was approved by the board on Thursday, a week after Facebook Inc. agreed to invest $5.7 billion in Reliance Industries’ Jio Platforms business<\/a>.
The rights issue -- the latest in a series of fund-raising efforts -- may help Ambani, 63, pay down borrowings that piled up as the company spent almost $50 billion to roll out a wireless network. Building investor confidence has become all-the-more crucial after the pandemic caused a crash in oil prices, undermining prospects for Reliance’s proposal to sell an estimated $15 billion stake in its oil and chemicals business to Saudi Arabian Oil.
Talks on the investment by the world’s biggest oil producer are on course, Reliance said Thursday in the statement. The company also said it has sought regulatory approvals to carve out the oil and chemicals division. Investors have sought clues to the progress of negotiations with Aramco, as the Saudi company is known, helping drag the stock to a two-year low in March. The shares have rebounded, gaining about 66 per cent since the March 23 close, on renewed confidence in Ambani’s ability to attract investors.
<\/span><\/figcaption><\/figure>
“Reliance Industries has demonstrated excellent timing for fund raising,” said Chakri Lokapriya, chief investment officer at TCG Asset Management. “The Jio Platforms-Facebook deal provides Reliance a huge, scalable business venture with first-mover advantage. The rights issue is a smart way of raising capital.”
Ambani’s focus on paying down debt and attracting investors also comes as Reliance on Thursday reported its biggest profit slump since 2008, missing analyst estimates, on a plunge in oil prices and slumping demand.
Profit plunged by nearly 40 per cent in the March quarter as the coronavirus outbreak slammed fuel demand. To cut costs, Ambani is foregoing his pay and has cut salaries at the oil unit, the company said Thursday.
The billionaire has vowed to shift Reliance away from dependence on profit from its energy-related businesses to faster-growing consumer segments including its digital platform and retail.
Reliance said Thursday that it has received interest from new potential global partners in taking a stake of similar size to Facebook’s agreement to buy a 10 per cent stake in the company’s platform business.
Read also<\/h4><\/a><\/figure>RIL’s net debt may come down by 28%<\/a><\/h5><\/div><\/a><\/figure>RIL promoters show commitment to make it debt-free<\/a><\/h5><\/div><\/div><\/div>
Reliance “has received strong interest from other strategic and financial investors and is in good shape to announce a similar sized investment in the coming months,” it said in a statement. The company “is set to achieve net zero debt status ahead of its own aggressive timeline.”
The Facebook-Jio Platforms transaction is to be closed by end of this quarter, the company said in a presentation to investors on its website.
Under the planned rights offering, Reliance will issue shares worth 531.3 billion rupees, it said Thursday. The deal includes one rights share for every 15 held, at 1,257 rupees each, or 14 per cent lower than the closing price on Thursday. Ambani and other members of the founding family who own stakes will subscribe to their entire entitled portion and will buy any stock left over, under the plan.
The offering comes at a tumultuous time for many companies in India.
Even before the pandemic triggered one of the world’s most extensive lockdowns and slammed economic growth, companies were struggling to raise money as banks cut back lending. The atmosphere may make it hard for Ambani to come through on his plans, said Arun Kejriwal, director at KRIS, an investment advisory firm in Mumbai.
“The rights issuance is not attractive,” said Kejriwal. “Hence, the math is not adding up for Reliance in cutting its net debt to zero ahead of the promised deadline. The road map needs to be clearer as the earnings were below expectations.”
<\/span><\/figcaption><\/figure>
Adjusted debt peaked at 2.7 trillion rupees in fiscal 2020, according to S&P Global Ratings. The ratings company expects that to decline to about 2.2 trillion rupees in the following year and 1.7 trillion rupees by fiscal 2023.
Earnings growth at the company’s digital and retail segments will be about 50 per cent in fiscal 2020, S&P estimates. The businesses will account for about 40 per cent of the company’s earnings before interest, taxes, depreciation and amortization, from just 3 per cent in 2017, S&P said.
“The company’s strategy of transforming its upstream energy focus to domestic consumption-driven businesses has been successful,” S&P said in an April 28 report affirming Reliance’s BBB+ credit rating. “We expect digital and retail growth to continue in fiscals 2021 and 2022.”
<\/body>","next_sibling":[{"msid":75502785,"title":"Apple ships 1 million face shields every week to health care workers","entity_type":"ARTICLE","link":"\/news\/apple-ships-1-million-face-shields-every-week-to-health-care-workers\/75502785","category_name":null,"category_name_seo":"telecomnews"}],"related_content":[{"msid":"75487965","title":"Mukesh-Ambani-","entity_type":"IMAGES","seopath":"markets\/stocks\/news\/asias-richest-man-seeks-to-prove-skeptics-wrong-on-debt-plan\/mukesh-ambani-","category_name":"Asia\u2019s richest man seeks to prove skeptics wrong on debt plan","synopsis":"The offering comes at a tumultuous time for many companies in India.","thumb":"https:\/\/etimg.etb2bimg.com\/thumb\/img-size-429099\/75487965.cms?width=150&height=112","link":"\/image\/markets\/stocks\/news\/asias-richest-man-seeks-to-prove-skeptics-wrong-on-debt-plan\/mukesh-ambani-\/75487965"}],"msid":75503672,"entity_type":"ARTICLE","title":"Asia\u2019s richest man seeks to prove skeptics wrong on debt plan","synopsis":"The company said it has sought approvals to carve out the oil and chemicals division.","titleseo":"telecomnews\/asias-richest-man-seeks-to-prove-skeptics-wrong-on-debt-plan","status":"ACTIVE","authors":[],"analytics":{"comments":0,"views":7142,"shares":0,"engagementtimems":746000,"url":"https:\/\/ettelecom.indiatimes.com\/telecomnews\/asias-richest-man-seeks-to-prove-skeptics-wrong-on-debt-plan\/articleshow\/75503672.cms"},"Alttitle":{"minfo":""},"artag":"Bloomberg","artdate":"2020-05-02 14:07:19","lastupd":"2020-05-04 08:41:27","breadcrumbTags":["Mukesh Ambani","oil","reliance industries","business","Industry","debt","investors"],"secinfo":{"seolocation":"telecomnews\/asias-richest-man-seeks-to-prove-skeptics-wrong-on-debt-plan"}}" data-news_link="//www.iser-br.com/news/asias-richest-man-seeks-to-prove-skeptics-wrong-on-debt-plan/75503672">
Adjusted debt peaked at 2.7 trillion rupees in fiscal 2020, according to S&P Global Ratings. The ratings company expects that to decline to about 2.2 trillion rupees in the following year and 1.7 trillion rupees by fiscal 2023.
Earnings growth at the company’s digital and retail segments will be about 50 per cent in fiscal 2020, S&P estimates. The businesses will account for about 40 per cent of the company’s earnings before interest, taxes, depreciation and amortization, from just 3 per cent in 2017, S&P said.
“The company’s strategy of transforming its upstream energy focus to domestic consumption-driven businesses has been successful,” S&P said in an April 28 report affirming Reliance’s BBB+ credit rating. “We expect digital and retail growth to continue in fiscals 2021 and 2022.”
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穆凯什•安巴尼亚洲首富,加速消灭210亿美元的净的时间表债务在他的信实工业公司有限公司,试图平息质疑,成为谈判向沙特阿拉伯出售一些资产的股份石油公司已拖延。
石油、电信和零售集团目前预计达到零净债务在2021年3月目标安巴尼在8月,孟买公司周四在一份声明中说。现有的70亿美元售股投资者周四由董事会批准,Facebook inc .一周后同意投资57亿美元在信实工业Jio平台业务。
配股——最新的一系列筹款努力有助于安巴尼,63年,大量偿还借款,而该公司花了近500亿美元推出无线网络。建立投资者的信心已经成为更重要的流行导致的油价后,破坏前景依赖的提议出售约150亿美元的股份沙特阿拉伯石油的石油和化学品业务。
谈判投资由世界上最大的石油生产国,周四在声明中说的依赖。该公司还表示,它寻求监管批准开拓石油和化工部门。投资者寻求线索与阿拉伯国家石油公司谈判的进展,作为沙特公司,帮助把股票在3月至两年低点。股价反弹,获得约66%自3月23日关闭,在安巴尼的能力吸引投资者重拾信心。
“信实工业展示优秀的融资时机,”克里Lokapriya说,公布资产管理首席投资官。“Jio Platforms-Facebook交易提供依赖一个巨大的、可伸缩的先发优势的企业。配股筹资是一个聪明的方式。”
巴尼的关注偿还债务和吸引投资者也正值依赖周四公布了自2008年以来最大的利润下滑,失踪的分析师预期,油价暴跌和下滑的需求。
在第一季度利润下降了近40%的冠状病毒爆发猛烈抨击燃料需求。削减成本,安巴尼的他的工资和削减工资在石油单位,该公司周四表示。
亿万富翁已誓言将依赖远离依赖利润从其能源相关企业快速增长的消费领域包括数字平台和零售。
依赖周四说,它已经收到了新的潜在的全球合作伙伴的持股规模类似Facebook的协议购买10%的股份公司的业务平台。
依赖”已收到其他战略和金融投资者的浓厚兴趣和良好地宣布一个相似大小的投资在未来几个月,”在一份声明中说。该公司“将实现零净债务地位之前,自己的积极的时间表。”
Facebook-Jio平台交易将关闭本季度末,该公司在向投资者表示在其网站上说。
根据计划供股,依赖将发行股票价值5313亿卢比,这周四表示。协议包含一个权利分享每15,1257卢比,或比周四的收盘价低14%。安巴尼和创始家族的其他成员自己的股份将订阅他们的整个题为剩下部分和将购买任何股票,根据该计划。
对许多公司提供动荡之际,在印度。
甚至在大流行性流感引发了世界上最广泛的封锁和抨击经济增长,企业都难以筹集资金,银行减少放贷。大气中可能使安巴尼很难通过他的计划,说阿伦是个大好,克丽丝的董事,在孟买一家投资顾问公司。
说:“发行的权利不是有吸引力的大好。“因此,数学不是添加在削减依赖净债务为零之前承诺的最后期限。路线图需要清晰的盈利低于预期。”
调整债务达到2.7万亿卢比在2020财政年度,根据标准普尔全球评级。评级公司预计,在第二年下降到大约2.2万亿卢比,2023财年1.7万亿卢比。
公司盈利增长的数字和零售领域在2020财年将约50%,标准普尔估计。企业将占到公司收入的40%利息、税收、折旧和摊销,从2017年的仅为3%,标普说。
“改变其上游能源的公司的战略重点转向国内消费驱动型企业取得成功,”标普在一份4月28日报告说肯定的BBB +信用评级的依赖。“我们预计数字和零售增长继续在2021年和2022年财政。”
穆凯什•安巴尼亚洲首富,加速消灭210亿美元的净的时间表债务在他的信实工业公司有限公司,试图平息质疑,成为谈判向沙特阿拉伯出售一些资产的股份石油公司已拖延。
石油、电信和零售集团目前预计达到零净债务在2021年3月目标安巴尼在8月,孟买公司周四在一份声明中说。现有的70亿美元售股投资者周四由董事会批准,Facebook inc .一周后同意投资57亿美元在信实工业Jio平台业务。
配股——最新的一系列筹款努力有助于安巴尼,63年,大量偿还借款,而该公司花了近500亿美元推出无线网络。建立投资者的信心已经成为更重要的流行导致的油价后,破坏前景依赖的提议出售约150亿美元的股份沙特阿拉伯石油的石油和化学品业务。
谈判投资由世界上最大的石油生产国,周四在声明中说的依赖。该公司还表示,它寻求监管批准开拓石油和化工部门。投资者寻求线索与阿拉伯国家石油公司谈判的进展,作为沙特公司,帮助把股票在3月至两年低点。股价反弹,获得约66%自3月23日关闭,在安巴尼的能力吸引投资者重拾信心。
“信实工业展示优秀的融资时机,”克里Lokapriya说,公布资产管理首席投资官。“Jio Platforms-Facebook交易提供依赖一个巨大的、可伸缩的先发优势的企业。配股筹资是一个聪明的方式。”
巴尼的关注偿还债务和吸引投资者也正值依赖周四公布了自2008年以来最大的利润下滑,失踪的分析师预期,油价暴跌和下滑的需求。
在第一季度利润下降了近40%的冠状病毒爆发猛烈抨击燃料需求。削减成本,安巴尼的他的工资和削减工资在石油单位,该公司周四表示。
亿万富翁已誓言将依赖远离依赖利润从其能源相关企业快速增长的消费领域包括数字平台和零售。
依赖周四说,它已经收到了新的潜在的全球合作伙伴的持股规模类似Facebook的协议购买10%的股份公司的业务平台。
依赖”已收到其他战略和金融投资者的浓厚兴趣和良好地宣布一个相似大小的投资在未来几个月,”在一份声明中说。该公司“将实现零净债务地位之前,自己的积极的时间表。”
Facebook-Jio平台交易将关闭本季度末,该公司在向投资者表示在其网站上说。
根据计划供股,依赖将发行股票价值5313亿卢比,这周四表示。协议包含一个权利分享每15,1257卢比,或比周四的收盘价低14%。安巴尼和创始家族的其他成员自己的股份将订阅他们的整个题为剩下部分和将购买任何股票,根据该计划。
对许多公司提供动荡之际,在印度。
甚至在大流行性流感引发了世界上最广泛的封锁和抨击经济增长,企业都难以筹集资金,银行减少放贷。大气中可能使安巴尼很难通过他的计划,说阿伦是个大好,克丽丝的董事,在孟买一家投资顾问公司。
说:“发行的权利不是有吸引力的大好。“因此,数学不是添加在削减依赖净债务为零之前承诺的最后期限。路线图需要清晰的盈利低于预期。”
调整债务达到2.7万亿卢比在2020财政年度,根据标准普尔全球评级。评级公司预计,在第二年下降到大约2.2万亿卢比,2023财年1.7万亿卢比。
公司盈利增长的数字和零售领域在2020财年将约50%,标准普尔估计。企业将占到公司收入的40%利息、税收、折旧和摊销,从2017年的仅为3%,标普说。
“改变其上游能源的公司的战略重点转向国内消费驱动型企业取得成功,”标普在一份4月28日报告说肯定的BBB +信用评级的依赖。“我们预计数字和零售增长继续在2021年和2022年财政。”
<\/strong>
Mukesh Ambani<\/a>, Asia’s richest man, accelerated the timeframe for wiping out $21 billion in net debt<\/a> at his Reliance Industries<\/a> Ltd., seeking to quash skepticism that emerged as talks to sell a stake in some assets to Saudi Arabian Oil<\/a> 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<\/a> was approved by the board on Thursday, a week after Facebook Inc. agreed to invest $5.7 billion in Reliance Industries’ Jio Platforms business<\/a>.
The rights issue -- the latest in a series of fund-raising efforts -- may help Ambani, 63, pay down borrowings that piled up as the company spent almost $50 billion to roll out a wireless network. Building investor confidence has become all-the-more crucial after the pandemic caused a crash in oil prices, undermining prospects for Reliance’s proposal to sell an estimated $15 billion stake in its oil and chemicals business to Saudi Arabian Oil.
Talks on the investment by the world’s biggest oil producer are on course, Reliance said Thursday in the statement. The company also said it has sought regulatory approvals to carve out the oil and chemicals division. Investors have sought clues to the progress of negotiations with Aramco, as the Saudi company is known, helping drag the stock to a two-year low in March. The shares have rebounded, gaining about 66 per cent since the March 23 close, on renewed confidence in Ambani’s ability to attract investors.
“Reliance Industries has demonstrated excellent timing for fund raising,” said Chakri Lokapriya, chief investment officer at TCG Asset Management. “The Jio Platforms-Facebook deal provides Reliance a huge, scalable business venture with first-mover advantage. The rights issue is a smart way of raising capital.”
Ambani’s focus on paying down debt and attracting investors also comes as Reliance on Thursday reported its biggest profit slump since 2008, missing analyst estimates, on a plunge in oil prices and slumping demand.
Profit plunged by nearly 40 per cent in the March quarter as the coronavirus outbreak slammed fuel demand. To cut costs, Ambani is foregoing his pay and has cut salaries at the oil unit, the company said Thursday.
The billionaire has vowed to shift Reliance away from dependence on profit from its energy-related businesses to faster-growing consumer segments including its digital platform and retail.
Reliance said Thursday that it has received interest from new potential global partners in taking a stake of similar size to Facebook’s agreement to buy a 10 per cent stake in the company’s platform business.
Read also<\/h4><\/a><\/figure>RIL’s net debt may come down by 28%<\/a><\/h5><\/div><\/a><\/figure>RIL promoters show commitment to make it debt-free<\/a><\/h5><\/div><\/div><\/div>
Reliance “has received strong interest from other strategic and financial investors and is in good shape to announce a similar sized investment in the coming months,” it said in a statement. The company “is set to achieve net zero debt status ahead of its own aggressive timeline.”
The Facebook-Jio Platforms transaction is to be closed by end of this quarter, the company said in a presentation to investors on its website.
Under the planned rights offering, Reliance will issue shares worth 531.3 billion rupees, it said Thursday. The deal includes one rights share for every 15 held, at 1,257 rupees each, or 14 per cent lower than the closing price on Thursday. Ambani and other members of the founding family who own stakes will subscribe to their entire entitled portion and will buy any stock left over, under the plan.
The offering comes at a tumultuous time for many companies in India.
Even before the pandemic triggered one of the world’s most extensive lockdowns and slammed economic growth, companies were struggling to raise money as banks cut back lending. The atmosphere may make it hard for Ambani to come through on his plans, said Arun Kejriwal, director at KRIS, an investment advisory firm in Mumbai.
“The rights issuance is not attractive,” said Kejriwal. “Hence, the math is not adding up for Reliance in cutting its net debt to zero ahead of the promised deadline. The road map needs to be clearer as the earnings were below expectations.”
<\/span><\/figcaption><\/figure>
Adjusted debt peaked at 2.7 trillion rupees in fiscal 2020, according to S&P Global Ratings. The ratings company expects that to decline to about 2.2 trillion rupees in the following year and 1.7 trillion rupees by fiscal 2023.
Earnings growth at the company’s digital and retail segments will be about 50 per cent in fiscal 2020, S&P estimates. The businesses will account for about 40 per cent of the company’s earnings before interest, taxes, depreciation and amortization, from just 3 per cent in 2017, S&P said.
“The company’s strategy of transforming its upstream energy focus to domestic consumption-driven businesses has been successful,” S&P said in an April 28 report affirming Reliance’s BBB+ credit rating. “We expect digital and retail growth to continue in fiscals 2021 and 2022.”
<\/body>","next_sibling":[{"msid":75502785,"title":"Apple ships 1 million face shields every week to health care workers","entity_type":"ARTICLE","link":"\/news\/apple-ships-1-million-face-shields-every-week-to-health-care-workers\/75502785","category_name":null,"category_name_seo":"telecomnews"}],"related_content":[{"msid":"75487965","title":"Mukesh-Ambani-","entity_type":"IMAGES","seopath":"markets\/stocks\/news\/asias-richest-man-seeks-to-prove-skeptics-wrong-on-debt-plan\/mukesh-ambani-","category_name":"Asia\u2019s richest man seeks to prove skeptics wrong on debt plan","synopsis":"The offering comes at a tumultuous time for many companies in India.","thumb":"https:\/\/etimg.etb2bimg.com\/thumb\/img-size-429099\/75487965.cms?width=150&height=112","link":"\/image\/markets\/stocks\/news\/asias-richest-man-seeks-to-prove-skeptics-wrong-on-debt-plan\/mukesh-ambani-\/75487965"}],"msid":75503672,"entity_type":"ARTICLE","title":"Asia\u2019s richest man seeks to prove skeptics wrong on debt plan","synopsis":"The company said it has sought approvals to carve out the oil and chemicals division.","titleseo":"telecomnews\/asias-richest-man-seeks-to-prove-skeptics-wrong-on-debt-plan","status":"ACTIVE","authors":[],"analytics":{"comments":0,"views":7142,"shares":0,"engagementtimems":746000,"url":"https:\/\/ettelecom.indiatimes.com\/telecomnews\/asias-richest-man-seeks-to-prove-skeptics-wrong-on-debt-plan\/articleshow\/75503672.cms"},"Alttitle":{"minfo":""},"artag":"Bloomberg","artdate":"2020-05-02 14:07:19","lastupd":"2020-05-04 08:41:27","breadcrumbTags":["Mukesh Ambani","oil","reliance industries","business","Industry","debt","investors"],"secinfo":{"seolocation":"telecomnews\/asias-richest-man-seeks-to-prove-skeptics-wrong-on-debt-plan"}}" data-news_link="//www.iser-br.com/news/asias-richest-man-seeks-to-prove-skeptics-wrong-on-debt-plan/75503672">
<\/a><\/figure>RIL’s net debt may come down by 28%<\/a><\/h5><\/div><\/a><\/figure>RIL promoters show commitment to make it debt-free<\/a><\/h5><\/div><\/div><\/div>
Reliance “has received strong interest from other strategic and financial investors and is in good shape to announce a similar sized investment in the coming months,” it said in a statement. The company “is set to achieve net zero debt status ahead of its own aggressive timeline.”
The Facebook-Jio Platforms transaction is to be closed by end of this quarter, the company said in a presentation to investors on its website.
Under the planned rights offering, Reliance will issue shares worth 531.3 billion rupees, it said Thursday. The deal includes one rights share for every 15 held, at 1,257 rupees each, or 14 per cent lower than the closing price on Thursday. Ambani and other members of the founding family who own stakes will subscribe to their entire entitled portion and will buy any stock left over, under the plan.
The offering comes at a tumultuous time for many companies in India.
Even before the pandemic triggered one of the world’s most extensive lockdowns and slammed economic growth, companies were struggling to raise money as banks cut back lending. The atmosphere may make it hard for Ambani to come through on his plans, said Arun Kejriwal, director at KRIS, an investment advisory firm in Mumbai.
“The rights issuance is not attractive,” said Kejriwal. “Hence, the math is not adding up for Reliance in cutting its net debt to zero ahead of the promised deadline. The road map needs to be clearer as the earnings were below expectations.”
<\/span><\/figcaption><\/figure>
Adjusted debt peaked at 2.7 trillion rupees in fiscal 2020, according to S&P Global Ratings. The ratings company expects that to decline to about 2.2 trillion rupees in the following year and 1.7 trillion rupees by fiscal 2023.
Earnings growth at the company’s digital and retail segments will be about 50 per cent in fiscal 2020, S&P estimates. The businesses will account for about 40 per cent of the company’s earnings before interest, taxes, depreciation and amortization, from just 3 per cent in 2017, S&P said.
“The company’s strategy of transforming its upstream energy focus to domestic consumption-driven businesses has been successful,” S&P said in an April 28 report affirming Reliance’s BBB+ credit rating. “We expect digital and retail growth to continue in fiscals 2021 and 2022.”
<\/body>","next_sibling":[{"msid":75502785,"title":"Apple ships 1 million face shields every week to health care workers","entity_type":"ARTICLE","link":"\/news\/apple-ships-1-million-face-shields-every-week-to-health-care-workers\/75502785","category_name":null,"category_name_seo":"telecomnews"}],"related_content":[{"msid":"75487965","title":"Mukesh-Ambani-","entity_type":"IMAGES","seopath":"markets\/stocks\/news\/asias-richest-man-seeks-to-prove-skeptics-wrong-on-debt-plan\/mukesh-ambani-","category_name":"Asia\u2019s richest man seeks to prove skeptics wrong on debt plan","synopsis":"The offering comes at a tumultuous time for many companies in India.","thumb":"https:\/\/etimg.etb2bimg.com\/thumb\/img-size-429099\/75487965.cms?width=150&height=112","link":"\/image\/markets\/stocks\/news\/asias-richest-man-seeks-to-prove-skeptics-wrong-on-debt-plan\/mukesh-ambani-\/75487965"}],"msid":75503672,"entity_type":"ARTICLE","title":"Asia\u2019s richest man seeks to prove skeptics wrong on debt plan","synopsis":"The company said it has sought approvals to carve out the oil and chemicals division.","titleseo":"telecomnews\/asias-richest-man-seeks-to-prove-skeptics-wrong-on-debt-plan","status":"ACTIVE","authors":[],"analytics":{"comments":0,"views":7142,"shares":0,"engagementtimems":746000,"url":"https:\/\/ettelecom.indiatimes.com\/telecomnews\/asias-richest-man-seeks-to-prove-skeptics-wrong-on-debt-plan\/articleshow\/75503672.cms"},"Alttitle":{"minfo":""},"artag":"Bloomberg","artdate":"2020-05-02 14:07:19","lastupd":"2020-05-04 08:41:27","breadcrumbTags":["Mukesh Ambani","oil","reliance industries","business","Industry","debt","investors"],"secinfo":{"seolocation":"telecomnews\/asias-richest-man-seeks-to-prove-skeptics-wrong-on-debt-plan"}}" data-news_link="//www.iser-br.com/news/asias-richest-man-seeks-to-prove-skeptics-wrong-on-debt-plan/75503672">
<\/a><\/figure>RIL promoters show commitment to make it debt-free<\/a><\/h5><\/div><\/div><\/div>
Reliance “has received strong interest from other strategic and financial investors and is in good shape to announce a similar sized investment in the coming months,” it said in a statement. The company “is set to achieve net zero debt status ahead of its own aggressive timeline.”
The Facebook-Jio Platforms transaction is to be closed by end of this quarter, the company said in a presentation to investors on its website.
Under the planned rights offering, Reliance will issue shares worth 531.3 billion rupees, it said Thursday. The deal includes one rights share for every 15 held, at 1,257 rupees each, or 14 per cent lower than the closing price on Thursday. Ambani and other members of the founding family who own stakes will subscribe to their entire entitled portion and will buy any stock left over, under the plan.
The offering comes at a tumultuous time for many companies in India.
Even before the pandemic triggered one of the world’s most extensive lockdowns and slammed economic growth, companies were struggling to raise money as banks cut back lending. The atmosphere may make it hard for Ambani to come through on his plans, said Arun Kejriwal, director at KRIS, an investment advisory firm in Mumbai.
“The rights issuance is not attractive,” said Kejriwal. “Hence, the math is not adding up for Reliance in cutting its net debt to zero ahead of the promised deadline. The road map needs to be clearer as the earnings were below expectations.”
<\/span><\/figcaption><\/figure>
Adjusted debt peaked at 2.7 trillion rupees in fiscal 2020, according to S&P Global Ratings. The ratings company expects that to decline to about 2.2 trillion rupees in the following year and 1.7 trillion rupees by fiscal 2023.
Earnings growth at the company’s digital and retail segments will be about 50 per cent in fiscal 2020, S&P estimates. The businesses will account for about 40 per cent of the company’s earnings before interest, taxes, depreciation and amortization, from just 3 per cent in 2017, S&P said.
“The company’s strategy of transforming its upstream energy focus to domestic consumption-driven businesses has been successful,” S&P said in an April 28 report affirming Reliance’s BBB+ credit rating. “We expect digital and retail growth to continue in fiscals 2021 and 2022.”
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Adjusted debt peaked at 2.7 trillion rupees in fiscal 2020, according to S&P Global Ratings. The ratings company expects that to decline to about 2.2 trillion rupees in the following year and 1.7 trillion rupees by fiscal 2023.
Earnings growth at the company’s digital and retail segments will be about 50 per cent in fiscal 2020, S&P estimates. The businesses will account for about 40 per cent of the company’s earnings before interest, taxes, depreciation and amortization, from just 3 per cent in 2017, S&P said.
“The company’s strategy of transforming its upstream energy focus to domestic consumption-driven businesses has been successful,” S&P said in an April 28 report affirming Reliance’s BBB+ credit rating. “We expect digital and retail growth to continue in fiscals 2021 and 2022.”
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