Reliance Industries Chairman Mukesh Ambani today said that his company had become net debt-free after having raised Rs 1.68 lakh crore in under two months, and fulfilled its promise to shareholders of making the company net debt-free ahead of the original schedule of March 31, 2020.
In his address to the shareholders at the company’s 42nd AGM in August last year, Ambani had spoken about the roadmap for Reliance becoming a net-debt free company before 31st March 2021.
Reliance Industries had raised Rs 1.15 lakh crore through stake sales to multiple investors in its technology subsidiary Jio Platforms and around Rs 53,000 crore through a rights issue.
“Our net-debt was Rs 161,035 crore, as on 31st March 2020. With these investments, RIL has become net debt-free,” Ambani said in the company statement to the stock exchanges.
“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 fulfillment of the vision of our Founder, Dhirubhai Ambani, to consistently increase our contribution to India’s prosperity and inclusive development,” Ambani said in the statement.