Reliance Industries (RIL) net debt will fall 92 percent after the latest investment by Abu Dhabi-based sovereign investor Mubadala. This will be the sixth high profile investment in Mukesh Ambani-led oil-to-retail-telecom conglomerate's technology arm Jio Platforms (JPL) in six weeks.

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Overall, RIL has secured investments worth Rs 87,655 crore in six weeks. Apart from these, the Rs 53,125 crore rights issue and a previous investment by British Petroleum in FY2019-20 for Rs 7,000 crore have led to this massive decline in RIL's debt.

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. Of that, the company has already raised Rs 1.47 lakh crore counting in the latest investment.

Six investors in six weeks

On April 22, Facebook bought 9.99 percent in Jio Platforms for a Rs 43,574 crore investment boosting its efforts to cut debt. Soon, the trend followed:

On May 3, private equity firm Silver Lake invested nearly Rs 5,655.75 crore for a 1.15 percent stake. Less than a week later, on May 8, Vista Equity Partners, a US-based private equity firm bought a 2.32 percent stake worth Rs 11,367 crore.

On May 17, New York-headquartered private equity fund General Atlantic said it will invest Rs 6,598.38 crore for a 1.34 percent stake in Jio Platforms.

Then on May 22, US Private Equity firm KKR bought 2.32 percent in Reliance Industries' Jio Platforms for Rs 11,367 crore.

Finally, on June 5, Mubadala announced an investment worth Rs 9,093.60 crore for a 1.85 percent stake in JPL.

Mubadala’s investment in Jio Platforms is at a similar valuation to the other recent PE investments in Jio – equity valuation of Rs 4.91 lakh crore and enterprise valuation of Rs 5.16 lakh crore.

"With strong visibility to these equity infusions, the Board was informed that RIL is set to achieve net-zero debt status ahead of its own aggressive timeline," the company said.

For the March quarter, the company declared revenue of Rs 1.36 lakh crore and an adjusted profit of Rs 10,813 crore. Its net profit after accounting for a one-time COVID-related impact stood at Rs 6,546 crore.

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