RIL becomes ‘net-debt free’, Mukesh Ambani says he fulfilled promise to shareholders before schedule

Entrepreneur Mukesh Ambani on Friday said that his company Reliance Industries is now “net-debt free” after raising over Rs 1.68 lakh in 58 days.

“I have fulfilled my promise to the shareholders by making Reliance net-debt free much before our original schedule of March 31, 2021,” Ambani said in a statement shared in a BSE filing.

The statement noted that RIL raised Rs 1.15 lakh crore from worldwide tech investors by selling a little under a quarter of the company’s digital unit, Jio Platforms Limited. It added that another Rs 53,124 crore was raised through a “rights issue”.

“The combined capital raised has no precedence globally in such a short time,” the statement read. “Both of these are also unprecedented in Indian corporate history and have set new benchmarks. This is even more remarkable that this was achieved amidst a global lockdown caused by the COVID-19 pandemic. Along with the stake sale to BP in the petro-retail JV [joint venture], the total fund raise is in excess of Rs 1.75 lakh crore.”

Last year, Ambani had assured his shareholders that the company would become net-debt free by March 31, 2021. He had also mentioned that its subsidiaries, Reliance Jio and Reliance Retail, would also be listed in the next five…

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