Mukesh Ambani has declared his group Reliance group net debt-free with the combined capital raised so far – including the rights issue and sale of stake in Jio.
The chairman of oil-to-telecom conglomerate Reliance Industries said he has “fulfilled promise to shareholders much before schedule”.
Reliance company which has the full support of the current government in India, is now “in its golden decade” much ahead of its original goal of achieving the status by the end of March 2021.
“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 released early on Friday.
Over the past few weeks, oil-to-telecom conglomerate Reliance Industries’ rights issue of more than Rs 53,000 crore and investments of Rs 1.16 lakh crore in its digital services arm, Jio Platforms, from global companies including internet giant Facebook helped the group become net debt-free much before schedule.
The group said that both are also unprecedented in the country’s corporate history, and that it is “even more remarkable that this was achieved amidst a global lockdown caused by the COVID-19 pandemic”.
Reliance Industries’ rights issue was subscribed 1.59 times, which the company said was “not only the largest ever in India, but also the largest in the world by a non-financial entity in the last ten years”.