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Reliance Is Net-Debt Free After Rs 1.69 Lakh Cr Fund Raising: Mukesh Ambani

Mumbai: Billionaire Mukesh Ambani on Friday said his flagship firm Reliance Industries is now net-debt free after a record Rs 1.69 lakh crore fundraising in under two months.

In a statement, RIL Chairman Mukesh Ambani said: “I have fulfilled my promise to the shareholders by making Reliance net debt-free much before our original schedule of March 31, 2021.”

Investments by global tech investors and a ‘Rights Issue’ has made Reliance Industries Ltd (RIL) a net debt-free company.

Accordingly, RIL has raised over Rs 168,818 crore in just 58 days. The company’s net-debt was Rs 161,035 crore, as on March 31, 2020. Consequently, it has now emerged as a net debt-free company.

As per the statement, Jio Platforms has now announced investment of Rs 115,6 93.95 crore by leading global investors. Besides, it raised Rs 53,124.20 crore via a ‘Rights Issue’.

The company said that combined capital raised has no precedence globally in such a short time.

“Both of these are also unprecedented in Indian corporate history and have set new benchmarks,” the company said in a statement.

“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, the total fundraise is in excess of Rs 1.75 lakh crore, the company said.

(With Agency Inputs)

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