Reliance net debt-free much before our original schedule of 31st March 2021: Mukesh Ambani

Reliance net debt-free much before our original schedule of 31st March 2021: Mukesh Ambani

Mumbai/Kolkata: Reliance Industries is net debt-free after raising a record Rs 1.69 lakh crore from global investors and a rights issue in almost two months, nearly nine months ahead of schedule. RIL said it has raised Rs.168,818 crore in two months since April and delivered on a promise made to shareholders in August last year. RIL also wants to list both Jio Platforms and Reliance Retail within the next five years.

Reliance Industries Limited has raised over Rs. 168,818 crore in just 58 days. Rs.115,693.95 crore through investments by global tech investors and 53,124.20 crore through Rights Issue.

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.

Along with the stake sale to BP in the petro-retail JV, the total fund raised is in excess of Rs. 1.75 lakh crore. RIL’s net-debt was Rs.161,035 crore, as on 31st March 2020. With these investments, RIL has become net debt-free.

Mukesh Ambani, Chairman and Managing Director of Reliance Industries, said, “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 31st March 2021. Exceeding the expectations of our shareholders and all other stakeholders, again and yet again, is in the very DNA of Reliance. Therefore, 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.”

He further said: “Over the past few weeks, we have been overwhelmed by the phenomenal interest of the global financial investor community in partnering with Jio. As our fund-raising milestone from financial investors is achieved, we sincerely thank the marquee group of financial partners and warmly welcome them into Jio Platforms. I also express my heartfelt gratitude to all the retail and institutional investors, both domestic and foreign, for their overwhelming participation in our record-setting Rights Issue.”

Jio Platforms has raised Rs.115,693.95 crore from leading global investors including Facebook, Silver l, 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.

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