Reliance gets thumbs-up from S&P, Fitch as strong earnings keep leverage in check
Mynavi acquires majority stake in startup Awign
Reliance Industries Ltd has won a vote of confidence from global rating agencies S&P and Fitch after its robust earnings in the fiscal year ended March 31, 2024, supported its growth aspirations and kept leverage under check.
S&P Global Ratings and Fitch Ratings in separate notes spoke of its EBITDA (loosely known as pretax profit) rising in the current fiscal year and next on rising revenue and past investments.
"Reliance Industries Ltd's (RIL) strong earnings will keep leverage in check as the company continues to pursue growth ambitions. We expect the company's debt-to-EBITDA ratio to remain commensurate with the rating (BBB+/Stable/--)," S&P said in a note. The oil-to-telecom-and-retail conglomerate's growth aspirations remain intact, it said, adding the company has ramped up investments in the media business in recent months.
In 2024, it entered into binding definitive agreements with The Walt Disney Co for a media joint venture in which RIL will invest Rs 11,500 crore. The company subsequently agreed to buy Paramount Global's 13.01 per cent stake in local entertainment network Viacom18 Media Pte Ltd for about Rs 4,300 crore.
Japan-based Mynavi Corporation has acquired a majority stake in HR tech platform Awign, a statement said on Friday. Under the new structure, Bengaluru-based Awign aims to generate USD 1 billion revenue by 2030. With this acquisition, few of Awign's early investors including Capria, Lumis, MSDF, Amicus Capital and Pankaj Bansal will exit the company, the statement by Awign said. "Mynavi will hold a significant majority in the company and cofounders of the company will also continue to hold a sizable stake. As part of this acquisition, the board constituency will change because Mynavi will acquire a sizable majority but the operating layer will remain the same. Mynavi is not going to appoint any operator in our company," Awign Co-founder and CEO, Annanya Sarthak said.