New obstacles are seen in the way of making Reliance Industries debt-free by 2021 by Mukesh Ambani, Asia's richest man. The Narendra Modi government has set up Saudi Arabian Oil Co. of Reliance Industries. It has been challenged in a court of a plan to sell a stake in the oil business. In addition to this, the possibility of a major source of income to repay the debt has been reduced at the moment. In addition, the oil refining, telecommunications, and retail businesses are also struggling with some adverse tax proposals.

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This is expected to shock the group's business. Shares of the company have fallen by nearly 9% since reaching a record high in mid-December. A Reliance Industries spokesperson denied any comment about this. Ambani had informed shareholders in August that Reliance Industries would sell 20% of its oil and petrochemical units to Aramco. According to an estimate, it would be a deal worth about $ 75 billion.

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This deal is important to make the company debt free. The company has a debt of $ 22 billion as of March 2019. At present, in December, the Central Government challenged this proposed sale in a court and requested to stop it. Reliance Industries has said that this petition is not legally valid and should be dismissed. Reliance Industries expects that the company will deal with Aramco by March 2020 if the necessary approval is received.

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