Reliance becomes 'net debt-free' company

Reliance Industries Limited has raised over Rs 168,818 crore in just 58 days through investments by global tech investors - Rs 115,693.95 crore and Rights Issue - Rs 53,124.20 crore.

With these investments, RIL has become a "net debt-free" company.

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.

Expressing his gratification at this achievement, RIL Chairman Mukesh Ambani stated, 'Today I am both delighted and humbled to announce that we have fulfilled our promise to the shareholders by making Reliance net debt-free much before our original schedule of 31st March 2021. Exceeding the expectations of our shareholders and all other stakeholders, again and yet again, is in the very DNA of Reliance.

'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.'

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.

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.

'Our net-debt was Rs 161,035 crore, as on 31st March 2020. With these investments, RIL has become Net Debt-Free,' the company said.