Reliance Industries Now A Debt-Free Company, Says Mukesh Ambani

The company managed to raise Rs 115,693 crore from tech investors & Rs 53,124 crore from the company’s rights issue.

Mukesh Ambani, Chairman of Reliance Industries Limited.

(Photo: Reuters)

Reliance Industries managed to raise over Rs1.68 lakh crore from foreign investors in Jio Platforms over the past couple of months which has made Reliance a debt-free enterprise, chairman Mukesh Ambani has announced.

Reliance Industry’s net-debt was Rs 161,035 crore, as on 31 March 2020. The company managed to raise Rs 115,693 crore from multiple tech investors and Rs 53,124 crore from the company’s rights issue.

Global investors like Facebook, Silver Lake, KKR, General Atlantic, Vista Equity Partners, Mubadala, ADIA, TPG and L Catterton now have a combined 24.7 percent minority shareholders in Jio Platforms.

The RIL Rights Issue, which was subscribed 1.59 times, was not only the largest ever in India, but also the largest in the world by a non-financial entity in the last ten years.

“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 31 March 2021.”

Mukesh Ambani, Chairman, Reliance Industries Limited 

As far as future investments are concerned, Saudi Arabia’s Public Investment Fund, one of the world’s largest sovereign wealth funds, is said to invest Rs 11,367 crore for 2.32 percent minority stake in Jio Platforms.

In Reliance’s last year’s Annual General Meeting, the company chairman had announced that he plans to get Reliance Jio and Reliance Retail listed in the next five years.