India's Reliance Industries becomes 'net debt free'

It became net debt free after raising over 1.69 trillion rupees ($22.15 billion) over the last few weeks.

Indian conglomerate Reliance Industries Ltd said on Friday that it became net debt free after raising over 1.69 trillion rupees ($22.15 billion) over the last few weeks through stake sales in its digital arm and a rights issue.
The company's net-debt was Rs 161,035 crore, as on March 31, 2020.

Consequently, it has now emerged as a net debt-free company.

In a statement, RIL Chairman Mukesh Ambani said: "I have fulfilled my promise to the shareholders by making Reliance net debt-free much before our original schedule of March 31, 2021."

As per the statement, Jio Platforms has now announced investment of Rs 115,6 93.95 crore by leading global investors.

Besides, it raised Rs 53,124.20 crore via a 'Rights Issue'.

The company said that 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," the company said in a statement.

"This is even more remarkable that this was achieved amidst a global lockdown caused by the COVID-19 pandemic."

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, the company said.