<p><strong>By Baiju Kalesh, Anto Antony and P R Sanjai</strong></p>.<p>Reliance Industries Ltd. is considering selling its stake in India’s largest paint maker valued at about $989 million as the conglomerate steps up efforts to trim its debt, said people familiar with the matter.</p>.<p>The company controlled by Mukesh Ambani, Asia’s richest person, is in discussions with banks for a potential sale of its 4.9% stake in Asian Paints Ltd. through a series of block trades, the people said, asking not to be identified as the information is not public. Reliance holds the stake through Teesta Retail Pvt.</p>.<p>The size and timing of any potential sale haven’t been finalized, and Reliance could decide not to proceed with a deal, the people said. A spokesman for Reliance declined to comment when contacted prior to publication. Later Thursday, the company said in a statement they “firmly deny this development,” without elaborating.</p>.<p>Shares of Asian Paints closed 1% lower at 1,594.3 rupees on Thursday in Mumbai. Reliance’s 4.9% stake in the paint maker is worth about 74.9 billion rupees ($989 million), based on the last price.</p>.<p>A stake sale would be the latest in a string of fundraising plans unveiled by Reliance in order to bolster investor confidence, even as the crash in oil prices pulled down profit at the company’s oil-to-chemicals business. Last month, Reliance said that the group’s net debt would be slashed to zero ahead of its previous target of early 2021.</p>.<p>Reliance announced on April 30 that it plans to raise about 531 billion rupees in a rights offer. The decision came days after Facebook Inc. said it would pay $5.7 billion to buy a 10% stake in Jio Platforms, Reliance’s digital arm. Private-equity firm Silver Lake Partners will also invest about $753 million in the unit, the company said on Monday.</p>
<p><strong>By Baiju Kalesh, Anto Antony and P R Sanjai</strong></p>.<p>Reliance Industries Ltd. is considering selling its stake in India’s largest paint maker valued at about $989 million as the conglomerate steps up efforts to trim its debt, said people familiar with the matter.</p>.<p>The company controlled by Mukesh Ambani, Asia’s richest person, is in discussions with banks for a potential sale of its 4.9% stake in Asian Paints Ltd. through a series of block trades, the people said, asking not to be identified as the information is not public. Reliance holds the stake through Teesta Retail Pvt.</p>.<p>The size and timing of any potential sale haven’t been finalized, and Reliance could decide not to proceed with a deal, the people said. A spokesman for Reliance declined to comment when contacted prior to publication. Later Thursday, the company said in a statement they “firmly deny this development,” without elaborating.</p>.<p>Shares of Asian Paints closed 1% lower at 1,594.3 rupees on Thursday in Mumbai. Reliance’s 4.9% stake in the paint maker is worth about 74.9 billion rupees ($989 million), based on the last price.</p>.<p>A stake sale would be the latest in a string of fundraising plans unveiled by Reliance in order to bolster investor confidence, even as the crash in oil prices pulled down profit at the company’s oil-to-chemicals business. Last month, Reliance said that the group’s net debt would be slashed to zero ahead of its previous target of early 2021.</p>.<p>Reliance announced on April 30 that it plans to raise about 531 billion rupees in a rights offer. The decision came days after Facebook Inc. said it would pay $5.7 billion to buy a 10% stake in Jio Platforms, Reliance’s digital arm. Private-equity firm Silver Lake Partners will also invest about $753 million in the unit, the company said on Monday.</p>