Now flush with $27 billion in fresh capital, Asia’s richest man is under pressure to deliver. The Aramco deal, first announced in August 2019, was supposed to help Ambani deliver on a pledge to get rid of his company’s $22 billion in net debt in 18 months. Hit A WallAmbani, who had begun exploring stake sales in his digital services and retail units months earlier, decided to accelerate those talks after the Aramco deal hit a wall, people familiar with the matter said. At Reliance’s annual shareholder meeting in July, Ambani and his eldest children Isha and Akash sketched out the broad thrust of their high-tech ambitions. While Infosys’s Nilekani cautions that it’s too early to declare Reliance’s transformation a success, he’s optimistic that Ambani will pull it off.

Source: Mint December 29, 2020 05:48 UTC