Reliance Industries (RIL) Chairman Mukesh Ambani on June 19 said the company has become net debt-free, well ahead of the target of March 31, 2021. "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," Ambani said.
The company raised a total of Rs 1,68,818.15 crore in 58 days through the investments into Jio Platforms and the RIL rights issue. Along with the stake sale to BP in the petro-retail JV, the total fundraising is in excess of ₹ 1.75 lakh crore.
Since April 22, Jio Platforms raised Rs 1,15,693.95 crore from global investors -- Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala, ADIA, TPG, L Catterton and PIF, in 11 deals.
Through the RIL rights issue, which was subscribed 1.59 times, the company raised Rs 53,124.20 crore.
"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," Ambani said on June 19.
At the Annual General Meeting on August 12, 2019, Ambani had announced the target of making RIL net debt-free by 2021. He also said the company is working towards listing Jio and Reliance Retail in the next five years.Disclaimer: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.