Reliance Industries becomes debt free after raising 1.68 lakh Crore from global investors, Rights Issue

Biznextindia : After raising 1.68 lakh crore in the last two months, Reliance Industries Chairman Mukesh Ambani on Friday announced that the company has fulfilled its promise to the shareholders by making Reliance net debt-free much before the original schedule of 31st March 2021.

RIL has raised Rs.168,818 crores in the last 68 days including 115,693 crore through investments by global technology investors and Rs. 53124 crore by its Rights Issue. Along with the stake sale to BP in the petro-retail JV, the total fundraising is in excess of Rs. 1.75 lakh crore.

The company’s net-debt was Rs. 161,035 crore, as on 31st March 2020. With these investments, RIL has become net debt-free.

Jio Platforms has raised Rs. 115,693.95 crore from leading global investors including Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala, ADIA, TPG, L Catterton and PIF since April 22, 2020. PIF’s investment marks the end of Jio Platforms’ current phase of induction of financial partners. These global investors have acquired 24.7% stake in the Jio Platform.

“Today I am both delighted and humbled to announce that we have fulfilled our promise to the shareholders by making Reliance net debt-free much before our original schedule of 31st March 2021. Exceeding the expectations of our shareholders and all other stakeholders, again and yet again, is in the very DNA of Reliance. Therefore, on the proud occasion of becoming a net debt-free company, I wish to assure them that Reliance in its Golden Decade will set even more ambitious growth goals, and achieve them, in fulfilment of the vision of our Founder, Dhirubhai Ambani, to consistently increase our contribution to India’s prosperity and inclusive development” said Mukesh Ambani.

Shri Mukesh Ambani further said: “Over the past few weeks, we have been overwhelmed by the phenomenal interest of the global financial investor community in partnering with Jio. As our fundraising milestone from financial investors is achieved, we sincerely thank the marquee group of financial partners and warmly welcome them into Jio Platforms. I also express my heartfelt gratitude to all the retail and institutional investors, both domestic and foreign, for their overwhelming participation in our record-setting Rights Issue.”