Reliance Industries raises over Rs 168,818 cr, becomes 'net debt-free', announces Mukesh Ambani
New Delhi | Jagran Business Desk: Reliance Industries (RIL) chairman Mukesh Ambani on Friday announced that the oil-to-telecom conglomerate has become debt free after raising over Rs 1.69 trillion over the last few weeks through stake sales in its digital arm and a rights issue.
In a statement, the company said that the Reliance Industries has "fulfilled promise to shareholders much before the original schedule of March 31, 2021".
"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 morning.
"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," the statement added.
The company said that it raised over Rs 168,818 crore in 58 days through Rs 115,693.95 crore collected from investors in Jio and another Rs 53,124.20 crore from a rights issue. The total fund raise is in excess of Rs 1.75 lakh crore, the company noted.
Expressing his gratification at this achievement, RIL Chairman Mukesh Ambani said, "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".
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.
(With ANI inputs)
Posted By: Aalok Sensharma