Reliance Industries chairman Mukesh Ambani announced on Friday that the company has now become net debt-free.

Share Market Live

NSE

“I have fulfilled my promise to the shareholders by making Reliance net debt-free much before our original schedule of 31st March 2021," Mukesh Ambani said in a statement.

The company has raised Rs 1.15 lakh crore from leading technology investors through stake sale in 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.

Further, Ambani reiterated that Jio Platforms and Reliance Retail will be listed within the next five years. In the company's 42nd AGM in 2019, Ambani had said that RIL was aiming to list Jio and retail arm Reliance Retail in the next five years.

Last year, the company had a net debt of Rs 1.61 lakh crore, built up as it undertook capital expenditure over the past few years in expanding its telecom and retail ventures, as well as a few projects on the refining side.

On Thursday, RIL announced that Saudi Arabia's sovereign wealth fund PIF will invest Rs 11,367 crore in Jio Platforms for a 2.32 percent stake, making it the eleventh public investor in the company in less than two months.

PIF’s investment marks the end of Jio Platforms’ current phase of induction of financial partners, Ambani added.

Disclosure

: Network18, the parent company of CNBCTV18.com, is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.

First Published:Jun 19, 2020 9:48 AM IST