Reliance raises over Rs 168,818 crore in 58 days, becomes debt-free
19 June, 2020 | newsx bureau
Reliance Industries Limited has gained over Rs 1,68,818 crore over the last few days through foreign investors and now it has no debt remaining.
Reliance Industries Limited has raised over Rs 1,68,818 crore in just 58 days through investments by global tech investors – Rs 115,693.95 crore and Rights Issue – Rs 53,124.20 crore. With these investments, RIL has become a “net debt-free” company.
“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,” the company said in a statement on Friday. Along with the stake sale to BP in the petro-retail JV, the total fund raise is in excess of Rs 1.75 lakh crore. Our net-debt was Rs 161,035 crore, as on March 31 2020. With these investments, RIL has become “net debt-free”, it added.
Expressing his gratification at this achievement, RIL Chairman Mukesh Ambani stated: “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 March 31, 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.”
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“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,” he further said.
Notably, Jio Platforms has raised Rs 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.
Jio’s vision is to enable a Digital India for 1.3 billion people and businesses across the country, including small merchants, micro-businesses and farmers so that all of them can enjoy the fruits of inclusive growth.