Reliance Industries now completely debt free! Furthermore, Reliance Industries said it has raised more than Rs 1,68,818 Crore in 58 days. Which also includes taking into account investments of Rs 115,693.95 Crore in its digital services arm. And Rs 53,124.20 Crore through the issue of rights.
Multi Billionaire Mukesh Ambani commented. On his global legacy RIL to be “in its golden decade.” The Reliance Group. Was originally supposed to be net debt free. By March 2021. However, current schemes and intellectual business skills of the family have already achieved the goal. “I have fulfilled my promise to the shareholders. By making Reliance net debt-free much before. Our original schedule of 31st March 2020.” Mukesh Ambani said in a statement released on Friday. Oil to telecom conglomerate Reliance Industries rights issued more than 53,000 Crore Indian Rupees. Also, including 1.16 Lakh Crore Indian Rupees investments in digital arm Jio Platforms.
Investments And Equity
Firstly, Reliance Industries has combined capital raised so far. Which, including the rights issue and sale of stake in Jio. But it has no precedence globally in such a short time. Nevertheless the Group said. “Even more remarkable that this was achieved amidst a global lockdown caused by the COVID-19 pandemic.”
Moreover, Mukesh Ambani stated further. “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 fulfillment of the vision of our Founder, Dhirubhai Ambani. To consistently increase our contribution to India’s prosperity and inclusive development.”
Lest, earlier this month, Reliance Industries rights issue was subscribed 1.59 times more. Which the company said 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. SInce, Reliance Industries is debt free”.
Therefore, Mukesh Ambani also connected his dots with the Government. Not only thanking them for being cooperative. But also saying that he was a true example of our dear PM’s visionaries.