India’s billionaire businessman Mukesh Ambani has announced on Friday that his company Reliance Industry is now completely debt-free. He said that the company has completed its goal much before of time. Reliance had set a target of becoming debt-free by 31 March 2021.
Mumbai: India’s billionaire businessman Mukesh Ambani has announced on Friday that his company Reliance Industry is now completely debt free. He said that the company has completed its goal ahead of time. The company now has no debt on its NET assets. Reliance, which intervened in the country’s oil market to the telecom sector, had set a target to become debt-free by 31 March 2021. In the last few weeks, the company raised money by issuing more than 53,000 crores of its rights, while it has raised a foreign investment of 1.6 lakh crore in its digital service platform Jio platform. The company has made deals with many foreign companies for this, including Internet giant Facebook. Through investment in all these ways, Reliance Industries has become debt-free on its total assets. The company had a debt of Rs 1,61,035 crore as on 31 March 2020.
On Friday morning, a statement was issued by Mukesh Ambani, which said, “I have fulfilled my promise with shareholders to make Reliance Industries debt-free much before our schedule of March 31, 2021.”
It had been said from the company that it has raised the joint capital by selling its rights issue and shares in Jio in such a less time, which has not happened around the world before. It has been said on behalf of the group that this has never happened in the corporate history of the country and it is also special because the company has achieved this amid the global lockdown implemented due to the Covid-19 epidemic.
Reliance Industries made 11 deals over the Jio platform over the next nine weeks, starting April 22, in which the company raised Rs 1,15,693.95 crore by selling its 24.70 percent stake. Of these 11 deals, the company also has a big deal with Facebook. Under which the company has sold a deal of Rs 43,573.62 crore by selling a 9.99 percent stake of Jio Platforms. Apart from this, the company entered into deals with private equity firms Vista and KKR. At the same time, it has also entered into a deal with the Saudi Arabian Public Investment Fund, under which the company has sold a 2.32% stake of Jio Platforms to all these companies for 11,367 crores.