[ad_1]
Reliance Industries is considering selling its stake in India’s largest paint maker, valued at around $ 989 million as the conglomerate steps up efforts to cut its debt, people familiar with the matter said.
The Mukesh Ambani-controlled company is in talks with banks for a possible sale of its 4.9 percent stake in Asian Paints through a series of block operations, the people said, asking not to be identified as the information did not. it is public. Reliance has the stake through Teesta Retail.
READ ALSO: RIL’s valuation premium reaches all-time high of 830 bps; the stock rises more than 3%
The size and timing of any potential sales have not been finalized, and Reliance may decide not to proceed with a deal, the people said. A Reliance spokesman declined to comment when contacted prior to publication. Later Thursday, the company said in a statement that it “strongly denies this development,” without elaborating.
A stake sale would be the latest in a series of fundraising plans put forth by Reliance to bolster investor confidence, even as falling oil prices slashed profits in the oil business to the company’s chemicals. .
Last month, Reliance said the group’s net debt would drop to zero above its previous target of early 2021.
.
[ad_2]
