RIL has a debt of over 3lakh crores under its various entities. The current jump in prices to beyond 1400 happened on the expectation of RIL finding financial partners for the Refining and Jio business. Each of these businesses are expected to be valued at 60bn USD each and get about 25 or 15 bn USD each investors such as Saudi Aramco and Softbank respectively. Also note RIL is struggling to raise any further debt which it needs to subsidize the Jio business to gain market share. Banks are not convinced about RILs ability to repay as profits refining are not growing and the petrochemicals cycle globally is to turn negative this year due to serious capacity additions in China and Middle East. Saudi is a very tough negotiator as they know RIL is desperate for money. Also Softbank is not going to be so liberal on the Jio valuations. It has burnt serious money in Uber IPO and will not want to over indulge in Jio. Please note this quarter onwards Jio will be paying market rentals for using fibre and tower infrastructure and most likely will declare losses going forward.