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Mukesh Ambani declares Reliance Industries net-debt free

Mukesh Dhirubhai Ambani is an Indian billionaire business magnate, the chairman, managing director, and largest shareholder of Reliance Industries Ltd. which is also known as RIL. RIL is a Fortunate Global 500 company and India’s most valuable company by market value. Mukesh Ambani is currently the richest man in Asia.

A year ago in 2019, the Modi government has petitioned against the Reliance Industries as funds were needed to pare their liabilities. In mid-December 2019, shares of the company have moved almost 8% since reaching a record high. By the time in February 2020 that is after six months of this treat by the government, Mukesh Ambani laid out a road map to make Reliance Industries Lt. free of net debt by early 2021.

On Friday, June 19, 2020, the chairman of RIL-Mukesh Ambani announced that the company has now become net debt-free. The company had a net debt of Rs 1.61 lakh crores on March 31, 2020. In context to this Ambani said that RIL raised Rs 1.15 lakh crores from global tech investors by selling a little bit 1 / 4 of the firm’s digital arm, Jio Platforms Ltd, and another Rs 53,124.20 crore through a rights issue.

The company raised such a huge amount in just 58 days and so the chairman of RLI- Ambani gives a statement, “I have fulfilled my promise to the shareholders by making Reliance net-debt free much before our original schedule on March 31, 2021.” As the company raised funds through investors and Jio-Reliance Retail, Mukesh Ambani addresses to those investors by announcing, “We will induct leading global partners in these businesses in the next few quarters, and move towards the listing of both these companies within the next five years. With
these initiatives, I have no doubt that your company will have one among the strongest balance sheets within the world.”

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