RIL may use refining arm stake sale to reduce debt, say analysts

Analysts say the firm may use some proceeds in digital business

Oil-to-telecom conglomerate Reliance Industries (RIL), which is in talks with Saudi Aramco to sell around 25 per cent in its refining and petrochemicals businesses for $10-15 billion, may use the proceeds to reduce its debt and invest in its new-age digital business, say analysts.

Though Reliance has not made official comments on the stake sale, reports indicate RIL’s talks on valuation with Saudi Arabia is on with the company seeking around $15 billion for its 25 per cent stake.

A RIL spokesperson has said the company does not comment on market speculation though it evaluates several opportunities at any given time.

Analysts said