Companies

Reliance has emerged net debt-free, says Mukesh Ambani

Our Bureau Mumbai | Updated on June 20, 2020

Mukesh Ambani Francis Mascarenhas

Having raised over ₹1,68,818 crore in just 58 days, Reliance Industries now has enough funds to erase its debt of ₹1,61,035 crore.

“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 March 31, 2021, “ Ambani said in a statement.

 

“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,” Ambani added.

Jio Platforms has raised ₹1,15,693.95 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.

In addition, the RIL Rights Issue, which was subscribed 1.59 times, raised ₹53,124.20 crore

On August 12, 2019, at the 42nd AGM of Reliance Industries, Ambani had assured the shareholders of his roadmap for Reliance becoming a net-debt free company before 31st March 2021.

Earlier, on May 31, sources told BusinessLine that RIL was planning to emerge net-debt free by the end of this calendar year.

 

Published on June 19, 2020

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