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Reliance Is Now Free Of Net Debt
Mail Today
|June 20, 2020
Goal achieved six months ahead of Dec deadline
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India's richest man Mukesh Ambani on Friday said his oil-to telecoms conglomerate Reliance Industries Ltd (RIL) has turned net-debt free after raising a record Rs 1.69 lakh crore over the past two months from stake sales and a rights issue.
The billionaire tycoon’s announcement comes well ahead of his target to clear Reliance’s Rs 1,61,035 crore net debt by December 2020.
The feat is largely owing to a stake sale spree in its digital unit, Jio Platforms. The sale began with Facebook picking up 9.99 per cent in Jio Platforms for Rs 43,574 crore on April 22, in one of the biggest deals for the social networking site in India.
This story is from the June 20, 2020 edition of Mail Today.
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