38.6c New Delhi, India, Sunday, April 21, 2024

"Reliance in Golden Decade": Mukesh Ambani led multinational conglomerate Becomes Net Debt-Free

By Manthan Pandit      19 June, 2020 09:05 PM      0 Comments

In delivering on a promise given to shareholders in August last year, Reliance has become net debt-free by raising Rs 168,818 crores in two months through the largest ever-rights issue in the country and a series of stake sales deals in its Jio Platforms arm.

While India was subjected to a lockdown due to the Covid-19 pandemic, the conglomerate raised Rs 53,124.20 by offering shares to existing shareholders, and another Rs 115,693.95 by selling Jio Platforms stake through 11 deals.

Chairman Mukesh Ambani said, “I have fulfilled my promise to the shareholders by making Reliance net debt-free much before our original schedule of 31st March 2021.

He assured shareholders that in its ‘golden decade,’ RIL NSE 6.25 % will set even more ambitious growth goals and achieve them.

Remarking further, he added, "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 fulfillment of the vision of our Founder, Dhirubhai Ambani, to consistently increase our contribution to India's prosperity and inclusive development."

RIL on Thursday (June 18, 2020) announced the 11th investment in Jio Platforms with the Public Investment Fund (PIF) of Saudi Arabia purchasing a 2.32 percent stake in the company for Rs 11,367 crores.

PIF joins a list of international investors including Abu Dhabi’s two largest sovereign investment arms — Abu Dhabi Investment Authority and Mubadala, private equity firms Silver Lake, Vista Equity Partners, General Atlantic, KKR, TPG, L Catterton and Facebook with its latest investment in Jio Platforms. The said companies collectively own a 24.70% stake in the reliance subsidiary at present. 

In a report on June 10, 2020, Bernstein had stated that the RIL-Facebook partnership could emerge as a core platform for India's digital economy and as more consumers and small businesses move online it could unlock a $2 trillion digital market. 

Ambani had announced the target of making the group net-debt free at Reliance Industries' 42nd annual general meeting in August 2019, saying the group has "a very clear road map" to make it happen within the next 18 months. 

Share this article:

Leave a feedback about this

Trending Judiciary
SC orders medical examination of 14-yr-old rape survivor seeking to terminate her 28-week pregnancy

Supreme Court orders medical examination of 14-year-old rape survivor seeking termination of 28-week pregnancy. Decision to be made after evaluating impact on her health.

20 April, 2024 11:00 AM


Trending Legal Insiders
Need to safeguard judiciary from unwarranted pressures: 21 ex-judges write letter to CJI

21 ex-judges write to CJI Chandrachud urging protection of judiciary from pressures undermining its integrity and autonomy.

15 April, 2024 12:17 PM
Trending Judiciary
SC notice to ED; declines early date on plea by Delhi CM Arvind Kejriwal against arrest

SC issues notice to ED, declines early hearing on Delhi CM Kejriwal's plea against arrest in liquor scam.

15 April, 2024 03:08 PM
Trending Law School
Call For Chapters: Gender-Based Violence and Religion

Calling For Book Chapters: As an editor, Dr. Amit Anand, Assistant Professor, School of Legal Studies, REVA University, Bengaluru, is inviting people to contribute to a book, entitled "Gender-Based Violence and Religion." This book is scheduled to be published by Cambridge Scholars Publishing.

15 April, 2024 04:21 PM
Trending Top Stories
Cannot stop any public rally, Bombay HC on allegation that Ram Navami processions deliberately pass through Muslim-majority areas

The Bombay High Court calls upon the Maharashtra Police to ensure that no law and order issues occur during a Ram Navami rally in a Muslim-majority area in Mumbai.

15 April, 2024 06:36 PM


Join Group

Signup for Our Newsletter

Get Exclusive access to members only content by email