Ambani beats zero net-debt deadline with US$15b Jio flows

Share

Taken together with last year's sale of 49 percent stake in fuel retailing venture to BP Plc of United Kingdom for Rs 7,000 crore, the total fund raised is in excess of Rs 1.75 lakh crore, the company said in a statement.

Mumbai Reliance Industries Limited (RIL) has raised over ₹168,818 crore in less than two months, against its net debt of ₹161,035 crore, as on 31st March 2020, making RIL a net debt-free company and fulfilling its chairman Mukesh Ambani's promise to shareholders much ahead of schedule.

The oil-to-technology major has 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.

In a move bolstering Mr Ambani's ambitions, Reliance is closing in on a deal that would see it acquire stakes in some units of Indian retailer, Future Group, which already has a partnership with Amazon, people familiar with the matter said this week. "The partly paid shares have an element of call options attached since the investor can decide whether they want to participate in the further installments of the paid-up amount when Reliance calls it over the next year in May and November 2021", Mohit Mehra, business analyst at Zerodha told Financial Express Online.

Ten firms including Facebook Inc., General Atlantic, Silver Lake Partners and KKR & Co. have poured a total $15.2 billion into Jio, pending regulatory clearances, Bloomberg data show.

RIL is the first listed entity to cross the market capitalisation of Rs 11 lakh crore and has more than doubled its investor wealth since March 23.

Shake Shack responds to NYPD's 'no criminality' determination in milkshake scare
They were all transported to a local hospital for treatment and were fortunately not "seriously harmed", police said . "We are working with the police in their investigation right now", Shake Shack tweeted .

Consequently, it has now emerged as a net debt-free company.

Reliance Industries Limited on Thursday announced raising an investment of ₹11,367 crore from Saudi Arabia's The Public Investment Fund (PIF).

Ambani had, at the company's annual general meeting on August 12, 2019, announced a roadmap for Reliance to become a net debt-free company before March 31, 2021.

Reliance said the Saudi inflow marks the end of Jio's current phase of bringing in equity partners. This is even more remarkable that this was achieved amidst a global lockdown caused by the COVID-19 pandemic.

He said over the past few weeks, phenomenal interest was received from the global financial investor community in partnering with Jio.

Share