RIL becomes net debt free after raising Rs 1.68 lakh crore: Mukesh Ambani

Reliance Industries' (RIL) chairman Mukesh Ambani in a statement on Friday said the company has become debt-free after it managed to raise Rs 1,68,818 crore in just 58 days.

At last count, Ambani-led telecom venture Jio Platforms had raised Rs 1,15,693 crore through 11 back-to-back deals within a span of eight weeks. Last month, the flagship Reliance Group itself raised Rs 53,124.20 crore via India’s biggest rights issue ever.

“Our net-debt was Rs 161,035 crore, as on March 31 2020. With these investments, RIL has become net debt-free,” Reliance Industries said in a release on Friday.


Jio Platforms has raised Rs 1,15,693.95 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.

RIL said PIF’s investment marks the end of Jio Platforms’ current phase of induction of financial partners.

The RIL rights issue, which was subscribed 1.59 times, was not only the largest ever in India, but also the largest in the world by a non-financial entity in the last ten years.

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, RIL added.

On August 12, 2019, at the 42nd AGM of Reliance Industries, Chairman Mukesh Ambani had assured the shareholders about his roadmap for Reliance becoming a net-debt free company before March 31, 2021, adding that they will list both Jio and Reliance Retail within the next five years.

“We have fulfilled our promise to the shareholders by making Reliance net debt-free much before our original schedule of March 31, 2021,” said Ambani in a release.

Shares of the company opened 1.13 per cent higher at Rs 1675 on Friday after the announcement, while the BSE benchmark Sensex traded 0.56 per cent higher at 34,400