Reliance ADAG to cut debt by 40%

Anil Ambani-led Reliance Group could reduce debt by more than 40% if its asset sale plans go through without any hitches and if the funds raised are used to pare borrowings.

Stake sales in its financial services businesses along with plans to sell telecom towers, optical fibre, cement and road assets could net the group more than Rs.50,000 crore. This is about 44% of the group’s outstanding debt of Rs.1.14 trillion as of September 2015, according to Capitaline data.

If successful, it will also be the largest amount raised by any of the debt-ridden conglomerates this year. According to Credit Suisse, Reliance Group is among the top 10 indebted groups.

Read more at http://www.livemint.com/Companies/CXDe6l1LWMktGKTN2ajJWI/Asset-sales-may-cut-40-of-Reliance-Group-debt.html