Chennai: Billionaire Mukesh Ambani today said his flagship firm Reliance Industries is now net-debt free after a record Rs 1.69 lakh crore fund raising in under two months.
In a statement, Ambani said Reliance raised Rs 1.15 lakh crore 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 through a rights issue.
“I have fulfilled my promise to the shareholders by making Reliance net debt-free much before our original schedule of 31 March 2021,” he said.
Over the past few weeks, oil-to-telecom conglomerate Reliance Industries’ rights issue of more than Rs 53,000 crore and investments of Rs 1.16 lakh crore in its digital services arm, Jio Platforms, from global companies including internet giant Facebook helped the group become net debt-free much before schedule. Reliance Industries is now ‘in its golden decade’, he added.
The group said that both are also unprecedented in the country’s corporate history, and that it is “even more remarkable that this was achieved amidst a global lockdown caused by the Covid-19 pandemic”.