Reliance debt-free much before the 31st March 2021 target
Reliance Industries Limited (RIL) on Friday announced that the company had become net debt-free after raising Rs 1.75 trillion.
Mukesh Ambani, chairman and managing director of RIL, stated that the group had set even more ambitious goals.
In a press release, Ambani stated, “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.”
As on March 31, 2020 the company’s net debt was Rs 1,61,035 crore. However in the last 58 days by selling 24.71% equity of its subsidiary Jio Platforms it raised to Rs 1,15,693 crore. The company also raised Rs 53, 124 crore through a rights issue of its own shares.
“Along with the stake sale to BP in the petro-retail JV, the total fund raise is in excess of ₹ 1.75 lakh crore,” the release stated.
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.