Billionaire Mukesh Ambani led Reliance is now net-debt free thanks to the record ₹1.69 lakh crore fundraising in less than two months, the chairman and managing director Mukesh Ambani announced on Friday.
In a statement, the Indian Billionaire said that his flagship firm raised ₹1.15 lakh crore from global tech investors after selling a little less than a quarter of the oil-to-telecom conglomerate’s digital arm, Jio Platforms Ltd.
This adds to another ₹53,124.2 crores raised in the past 58 days through a rights issue, 75% of which will be paid in the next fiscal. This has increased the total fundraising to more than ₹1.75 lakh crore when taken together with the sale of 49% stake if the fuel retailing venture to BP Plc of UK for ₹7,000 crores in the year 2019.
At an annual general meeting on August 12, 2019, Ambani had announced a roadmap for the Reliance group of Industries to become net debt-free before 31 March 2021. Ambani said he was both delighted and humbled to announce that Reliance is now a debt-free company and that his promise to the shareholders was fulfilled much earlier than the original schedule of 31st March 2021.
On the proud occasion of announcing Reliance net debt free after a dark Detroit, he assured that Reliance in its Golden Decade will set and strive to achieve more ambitious goals.