Reliance may bring Jio and retail IPOs to unlock shareholder value: Report

Given the $15 billion Aramco deal and free cash flow outlook in the next several years, net debt to equity could continue to fall beyond FY21

After effectively turning debt free, Reliance Industries (RIL) may see IPOs of its flourishing telecom arm Jio and retail business segment, unlocking additional shareholder value, Bernstein Research said in a report on Wednesday.

RIL has raised $22.3 billion capital market through the sale of 24.7 per cent stake in Jio Platforms and $7 billion equity-raise.

"Following the rights issues and 24.7 per cent sell down in Jio, RIL is now effectively debt free. We expect a break-up of the company in the next three-four years through the IPO of Jio and retail business segment which should further unlock shareholder value,"