With the fund raising now achieved, Reliance Industries has become a debt-free company
In his virtual address to the shareholders, RIL chairman, Mukesh Ambani thanked them for their faith in the company and highlighted the recent capital raising efforts of the company that include a rights issue and stake sales in Jio Platforms.
Ambani also welcomed Google as a strategic investor in Jio Platforms. Google will invest Rs 33,737 crore for a 7.7 per cent stake in Jio Platforms. "Investment in RIL will be our biggest investment under the recently announced $10 billion digitisation fund," said Sundar Pichai.
"With Google's invetment, the fund raised by Reliance in less than three months stands at Rs 2,12,809 crore," Ambani added. This includes investments by Facebook and other investors in Jio Platforms, the Rs 53,124 crore rights issue, and investment by BP in RIL's fuel retailing venture.
With the fund raising now achieved, Reliance Industries has become a debt-free company.
"It is in excess of our net debt of Rs 1,61,035 crore at the end of FY19-20," he said. "Reliance is now truly a zero net debt company, well ahead of my goal of March 2021. It has an extremely strong Balance Sheet that will support growth plans for its three Hyper-Growth Engines Jio, Retail and O2C," said Ambani.
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