Billionaire Mukesh Ambani: Reliance now net debt-free after raising ₹1.69 lakh cr in 58 days

Reliance Industries Chairman Mukesh Ambani on Friday said he fulfilled his promise to shareholders by making the company net debt-free much before the original schedule of March 2021.

Billionaire Mukesh Ambani on Friday said his flagship firm Reliance Industries is now net-debt free after a record Rs 1.69 lakh crore fund raising in under two months.

In a statement, Mukesh Ambani said Reliance raised Rs 1.15 lakh crore from global tech investors by selling a little less than a quarter of the firm’s digital arm, Jio Platforms Ltd, and another Rs 53,124.20 crore through a rights issue.

The company had a net-debt of Rs 1.61 lakh crore as on March 31, 2020.

“I have fulfilled my promise to the Shareholders by making Reliance net-debt free much before our original schedule of March 31, 2021,” he said.