After raising over ₹1.68 lakh crore from investors in Jio Platforms and the rights issue, Reliance Industries chairman Mukesh Ambani today announced that the company has now become net debt-free. “I have fulfilled my promise to the shareholders by making Reliance net debt-free much before our original schedule of 31st March 2021," Mukesh Ambani said in a statement.
RIL's net-debt was ₹ 161,035 crore, as on 31st March 2020. The company has raised ₹115,693.95 crore from 10 tech investors and ₹ 53,124.20 crore from RIL's rights issue.
"The 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. 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 fund raise is in excess of ₹ 1.75 lakh crore," RIL said in a statement.
In last year's AGM, Ambani had promised shareholders that Reliance will become net debt free by March 31, 2021 and had also spoken of getting Reliance Jio and Reliance Retail listed in the next five years.
Jio Platforms has raised ₹ 115,693.95 crore from leading global investors including Facebook, Silver Lake, 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.
"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," Ambani said in the statement today adding that over the past few weeks, they have been overwhelmed by the phenomenal interest of the global financial investor community in partnering with Jio.