RIL: Is the 'Reliance" on 'Jio' Justified?

@tmjagtap27 wrote:

Background
RIL has 4 major segments of revenue:

1. Refining
2. Petrochemicals
3. Retail
4. Jio
   And then there is also Network18,

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Recent advancements
After the recent deal with Facebook picking up 9.9% stake for $5.7B, valuing Jio at Rs. 4.7 lakh crore, valuing Jio roughly 20 times EBITDA. After this stake sale, following two points are clear:

1. The ambition of becoming a net debt free company by Q4FY21 seems to be on the right track.
2. Reliance is moving towards becoming a tech giant

Positives

1. Target to become net debt free by FY21
2. Selling 20% stake in Oil to Chemicals business. The said deal with Aramco is valued at $75B
3. Fast growing organised retail business in an underpentrated industry.
4. Potential to tap the unorganized retail through Jio Mart
5. Further value unlocking in media business (Network18)
6. Higher cash flows after becoming debt free

Negatives

1. Mediocre ROCE over the past decade (around 10%-12%)
2. Telecom being a capital intensive business might require further investments

It would be helpful if experienced members provide their insights on this.

Disclosure: Invested and holding RIL since the past 4 years and views may be biased.

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