RIL to set up Rs 1.08-trillion digital arm, work on making Jio debt-free

Board approves the transfer of Rs 1.08 trillion debt to the new subsidiary; Jio listing could be next

Reliance Industries (RIL) on Friday announced a structure to make Reliance Jio (RJIL) debt-free, which is seen as a move to pave the way for a likely listing of its telecom business. As part of it, the company intends to transfer its telecom business and other digital initiatives to a wholly-owned subsidiary.

In the new scheme, RJIL’s debt will move to RIL. RJIL’s board approved an arrangement between RJIL and certain classes of its creditors, including debenture holders, for transferring identified liabilities of up to Rs 1.08 trillion to RIL. 

RIL’s board also approved forming a wholly-owned subsidiary for digital platform initiatives