Deals
Ambani Armed With $12.6 Billion Cash as Oil Valuations Drop
This article is for subscribers only.
Billionaire Mukesh Ambani’s Reliance Industries Ltd. is poised to use its record cash for overseas acquisitions to take advantage of the cheapest valuations of oil and natural gas companies in three years as profit growth slows.
“Reliance has a strong balance sheet and sustained earning base to pursue growth opportunities,” Chairman Ambani, 54, said Oct. 15 after the refiner and explorer reported that asset sales to BP Plc helped boost cash to 614.9 billion rupees ($12.6 billion). Quarterly profit rose 16 percent from a year earlier.