Reliance debt free after raising $22 billion in two months


Asia’s and India’s richest man Mukesh Ambani Friday said his Reliance Industries was net-debt free after raising a record Rs 1.69 lakh core ($22.19 billion) in under two months.

Reliance raised Rs 1.15 lakh crore ($15.1 billion) from global tech investors by selling a little less than a quarter of the firm’s digital arm, Jio Platforms Ltd, and another Rs 53,124.20 crore ($6.9 billion) through a rights issue, Ambani said in a statement.

The company had a net-debt of Rs 1.61 lakh crore ($21.14 billion) as on March 31 this year.

“I have fulfilled my promise to the shareholders by making Reliance net-debt free much before our original schedule of March 31, 2021,” Ambani said in the statement.

Along with last year’s sale of 49 percent stake in fuel retailing venture to Britain’s BP Plc for

Rs 7,000 crore ($919.3 million), the total fund raised is more than Rs 1.75 lakh crore ($22.9 billion), the company said in a statement.

“With these investments, RIL has become net debt-free,” it said.

Global investors from whom Jio raised funds include Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala, ADIA, TPG, L Catterton and Saudi Arabian sovereign wealth fund PIF.

Reliance also launched India’s biggest right issue, which was subscribed 1.59 times

Ambani had August 12, 2019 announced a roadmap for Reliance to become a net debt-free company before March 31, 2021.

“Exceeding the expectations of our shareholders and all other stakeholders, again and yet again, is in the very DNA of Reliance,” Ambani said in the statement. “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.”

“As our fundraising milestone from financial investors is achieved, we sincerely thank the marquee group of financial partners and warmly welcome them into Jio Platforms,” he added. “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.”

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