Reliance Jio's enterprise value is estimated to be around $60-65 billion following the restructuring wherein almost all its debt has been taken up by parent Reliance Industries Ltd. Analysts said that this would help Reliance to get in a strategic partner for the telecom venture. "

Read more:RIL to create ₹1.08-lakh-cr digital giant

"This addresses the issues from any potential subsidization of the Oil 2 Chemical (O2C) entity as and when the proposed Saudi stake sale takes place," said a research report from J P Morgan. "In our view, the key positive would be if we see a strategic partner take a meaningful stake ( over 20 per cent) at these EV valuations,"it added.

Earlier, Reliance Industries had announced that it will sell a 20 per cent stake in its oil-to-chemicals business to Saudi Aramco at an enterprise value of $75 billion, making it one of the biggest Foreign Direct Investment (FDI) deal in the country.

Also read:Reliance to sell 20% stake in oil-to-chemicals biz to Saudi Aramco at $75 bn enterprise value

However, there have been some concerns over this deal. Analysts said that the move to make Jio debt-free would help RIL to get a better valuation for the telecom venture, which in turn would act as a cushion in case the deal with Aramco gets delayed or renegotiated.

"Many investors recently expressed concern over a scenario in which the RIL-Aramco deal does not get completed within the announced time frame. We think such a risk is now well balanced by the possibility of an alternative deal in its digital platform," said analysts at HSBC.

On October 25, RIL announced that it will create a 100% owned subsidiary in which it will consolidate its entire telecom (Jio) and digital businesses/investments. RIL has positioned this new structure as the largest digital services platform company in India, which will host both connectivity (Jio) and the rest of its investments in the digital ecosystem (various apps as well as tech capabilities). RIL believes it will be able to leverage its subscriber base to create one of the most relevant digital service platforms globally.

But for RIL shareholders, the reorganisation does not change anything for now. "The reorg has no implications for RIL’s consolidated net debt which stays unchanged, with Jio net debt lower and standalone net debt correspondingly higher. The latter is better positioned to service this debt given robust cash flows per mgmt. This also has no implications for shareholders given no effective change in RIL’s ownership of its digital businesses," said a research report by Citi.

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