The three Jio Platform deals plus an expected Rs 53,000 crore from its rights issue along with Rs 7,000 crore from BP for its fuel retail arm will fetch Reliance more than Rs 1.2 lakh crore — short by just Rs 40,000 crore of its zero net debt of Rs 1.61 lakh crore, with just a little more than a month gone in this fiscal.

Analysts pointed to some more probable mega deals such as Saudi Aramco picking up 20 per cent in Reliance’s oil- to-chemicals business and other potential money earners such as the fibre InviT.

According to reports, RIL also plans to sell its entire 4.90 per cent stake in Asian Paints. At current market prices, it could yield over Rs 7,400 crore to the company.

RIL had recently said the Aramco deal was on track, though observers are of the view that it could happen at lower valuations.

“In its fourth-quarter results commentary, the management also sounded optimistic on closing the Brookfied tower deal, RIL-Saudi Aramco partnership and the fibre Invit deal.

“Any progress on these deals along with the rights issue will further accelerate deleveraging process,” brokerage Axis Capital said.

JP Morgan said Reliance had earlier spoken of receiving strong interest from other strategic and financial investors and was in a position to announce a similar-sized investment in the coming months.

Besides, Reliance has received interest in its retail business.

These should support the stock price, as they would allow investors to look beyond the near-term earnings weakness of the company.