Fulfilled my promise, RIL is now net debt-free: Mukesh Ambani

Reliance Industries Limited (RIL) Chairman Mukesh Ambani on Friday announced that the company is finally net debt-free, adding that he has “fulfilled” his promise to shareholders.

“I have fulfilled my promise to the shareholders by making Reliance net debt-free much before our original schedule of 31^st March 2021,” Ambani said in a press statement issued by RIL.

RIL has raised a total of Rs 1,68,818 crore in less than two months; 58 days to be precise.

Reliance’s Jio Platforms raised Rs 1,15,693 crore through investments made in it by global tech investors. The rest Rs 53,124.20 crore was raised via the mega rights issues.

“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,” the company said in the release.

If the strategic stake sale to BP is counted, the amount raised by RIL exceeds Rs 1.75 lakh crore.

It may be noted that RIL’s net debt stood at Rs 1,61,035 crore as on March 31, 2020. Therefore, Reliance has raised sufficient capital to become net debt-free and it has done it way before the March 31, 2021 deadline.

Mukesh Ambani had initially announced plans to make RIL debt-free on August 12, 2019, at the 42nd AGM of the company.