In a recent report issued by Morgan Stanley, it has confirmed that the mega plan of RIL to reduce its debt will hold and remain valid even if energy and retail demand remain weak for the next six months or the planned asset sales are delayed. The report also estimates that given a choice between reducing debt and investing, the company would prefer to reduce debt to improve its financial solvency. To that extent, RIL could emerge as the strongest play on the hydrocarbons segment. Currently, RIL faces multiple challenges since oil prices have declined and there is a slowdown across the world. RIL currently has the flexibility to prioritise its investments for FY21 and could thereby reduce cash outlay by 25-30%. Jio is also expected to monetize its franchise more aggressively this year. However, asset monetization would be relatively slower this year due to weak demand.