Reliance Industries becomes debt free in 58 days
By MYBRANDBOOK
Reliance Industries announced that it has now finally managed to become debt free and that they will move towards the listing of both Jio and Reliance Retail within the next five years.
In a statement announcing that the company is now net debt-free, the Chairman added that they have received strong interest from strategic and financial investors in their consumer businesses, Jio and Reliance Retail.
"We will induct leading global partners in these businesses in the next few quarters, and move towards listing both of these companies within the next five years. With these initiatives, I have no doubt that your company will have one of the strongest balance sheets in the world," Mukesh Ambani said.
The company has raised over Rs 1.68 lakh crore in just 58 days and along with stake sale to BP, total fundraise is over Rs 1.75 lakh crore, he announced.
“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. The company has raised Rs 1.15 crore from 11 tech investors in the past 2 months and Rs 53,124.20 crore from RIL's rights issue.
Last year, the company had a net debt of Rs 1.61 lakh crore, built up as it undertook capital expenditure over the past few years in expanding its telecom and retail ventures, as well as a few projects on the refining side.
Jio Platforms has raised Rs 1.15 lakh 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.
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