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Asia’s Richest Man Seeks to Prove Debt Plan Skeptics Wrong

  • Mukesh Ambani’s Reliance to raise $7 billion from rights issue
  • Talks to sell asset stake to Aramco on course, company says
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Ambani Is Asia's Richest Person Again
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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.