Reliance Becomes Debt-Free, Company Raised Rs 1.69 Lakh Crore From Jio Deals & Right Issues

New Delhi : Reliance Industries (RIL) chairman Mukesh Ambani on Friday announced that RIL has now become a fully debt-free company. He said that with the help of stake sale and rights issue in the Jio platform, the target of making the company debt free before March 2021 has been achieved.

In 58 days, RIL has raised a record Rs 168,818 crore capital. The company has raised Rs 115,693.95 crore by selling stake in the Jio platform. 53,124.20 crores has been received from the sale of Right Issues. The company has raised a total of Rs 1.75 lakh crore, with some stake sale to BP in the petro-retail JV.

Mukesh Ambani said in a statement that as of March 31, 2020, our net debt was Rs 161,035 crore. With the new investment, RIL has now become a debt-free company. RIL has raised Rs 115,693.95 crore by selling its 24.7 percent stake in the Jio platform.

Facebook purchased a 9.99 percent stake in Jio platform on April 22 for Rs 43,574 crore. After this, in the next 9 weeks, veteran companies from all over the world invested in Jio platforms. RIL is the only company in the world to receive such a large investment during the coronavirus lockdown.

Mukesh Ambani said that today I am very happy to announce that we have already fulfilled the promise we made to shareholders to make Reliance debt free. The company had set a target of making Reliance a fully debt-free company by 31 March 2021.

Ambani said that repeatedly meeting the expectations of its shareholders and all other stakeholders is in Reliance’s DNA. Therefore, it is a proud time for us that we have now become a pure debt-free company. I want to assure everyone that Reliance is ready to fulfill its more ambitious goals in its golden period. To fulfill the dreams of our founder Dhirubhai Ambani, we will continue to increase our contribution to India’s prosperity and inclusive growth.