• About
  • Contact
Friday, January 22, 2021
Next Big Brand
  • .
  • News
  • Internet
  • Startup
  • OTT
  • Agency
  • Industries
  • FMCG
  • Automobile
  • Retail
  • Tech
  • Case Study
  • Interview
No Result
View All Result
Next Big Brand
Home Industries

Reliance Industries (RIL) Becomes Debt-Free Company Announces Mukesh Ambani

Pritish raj by Pritish raj
June 19, 2020
in Industries, News
3 min read
0
RIL Top 50 Companies Market Cap Debt Free- Next Big Brand

RIL Debt Free- Next Big Brand

Share on FacebookShare on Twitter
  • Chairman of Reliance Industries (RIL) Mukesh Ambani said Friday in a statement that the company has become debt-free after it managed to raise Rs 1,68,818 crore in just 58 days.

Mukesh Ambani said Friday in a statement that Reliance Industries (RIL) has become debt-free after it managed to raise Rs 1,68,818 crore in just 58 days.

At last count, Ambani-led telecom venture Jio Platforms had raised Rs 1,15,693 crore within a span of eight weeks through 11 back-to-back deals. The flagship Reliance Group itself earned Rs 53,124.20 crore last month, through India’s largest issue of rights ever.

RIL has amassed Rs 115,693.95 crore in exchange for Jio’s 24.7 percent stake through a company’s largest uninterrupted fundraising anywhere in the world. The transactions led on April 22 by Facebook for 9.99 percent by a strategic investment of Rs 43,574 crore, followed one after the other in a period of just nine weeks and during a global lockdown.

“Our net debt was crore Rs 161,035, as it was on March 31, 2020. RIL has become net debt-free with these investments, “Reliance Industries said in a release Friday.

“Once again and again, exceeding the expectations of our shareholders and all other stakeholders is in the very DNA of Reliance. Therefore, on the proud occasion of becoming a net debt-free company, I would like to assure them that in its Golden Decade, Reliance will set even more ambitious growth goals and achieve them, in fulfillment of the vision of our Founder, Dhirubhai Ambani, in a consistently incrusted way.

On June 18, Saudi Arabia’s PIF, one of the world’s largest sovereign wealth funds, said it would invest Rs 11,367 crore for 2.32 percent of Jio Platforms running movies, news, and music apps as well as Jio Infocomm’s telecommunications sector. In addition to Facebook and PIF, General Atlantic, Silver Lake (twice), Vista Equity Partners, KKR, Mubadala Investment Firm, Abu Dhabi Investment Authority, TPG, and L Catterton have associated themselves to invest in Jio.

RIL said the investment from PIF marks the end of the current process of financial partners’ induction at Jio Platforms.

List of Investors in Jio Platforms in India- Next Big Brand
List of Investors in Jio Platforms in India. Source- News18

The issue of RIL rights, which was subscribed to 1.59 times, was not only India’s largest issue ever but also a non-financial entity’s largest in the world in the last ten years. Along with the petro-retail JV stake sale to BP, the total fundraise exceeds Rs 1.75 lakh crore, RIL added.

At Reliance Industries’ 42nd AGM on August 12, 2019, Chairman Mukesh Ambani had assured shareholders of his roadmap for Reliance becoming a net-debt-free company before March 31, 2021, adding that both Jio and Reliance Retail will be listed within the next 5 years.

“We fulfilled our promise to the shareholders by making Reliance net debt-free much earlier than our original March 31, 2021 schedule,” Ambani said in a release.

Shri Mukesh Ambani said further: “We have been overwhelmed over the last few weeks by the
Global financial investor community phenomenal interest in partnering with Jio. As our financial investor fundraising milestone is reached, we sincerely thank the brand group of Financial partners, and welcome them warmly to Jio Platforms. I also wish to express my sincere gratitude to all retail and institutional investors, domestic as well as international, for their enormous participation in our problem of record-setting status.

RIL is India’s largest private sector company, with INR 659,205 crore consolidated turnover ($87.1 billion), INR 71.446 crore ($9.4 billion) cash income, and INR 39.880 crore ($5.3 billion) net profit Mrd.) for the year ended 31 March 2020.

RIL ‘s activities cover the exploration and manufacture of hydrocarbons, oil refining and marketing, Petrochemicals, Internet infrastructure, and distribution. RIL is India’s top-rated enterprise. Currently listed 106th in Fortune ‘s Global 500 list of ‘World’s Biggest Companies’ terms of both profit and revenue. The company is 71st in the rankings of ‘Forbes Global 2000’ for 2019 – top-notch among Indian firms.

Jio ‘s list of investors includes Facebook; six private equity companies, namely General Atlantic, TPG, KKR, Silver  Lake, L Catterton, Vista Equity Partners, two Abu Dhabi sovereign funds — Abu Dhabi Investment Authority and Mubadala Investment Company — and the Public Investment Fund (PIF) of Saudi Arabia. RIL had set a deadline of March 2021 to become debt-free.

Previous Post

Ed-tech Startup Unacademy Has Acquired Programming Platform Codechef

Next Post

Ambani-Led RIL Closes On To Buy Stake In Amazon India's Partner Future Group

Pritish raj

Pritish raj

Pritish Raj is a content writer at Next Big Brand. Hailing from the diversified state of Bihar, he is an engineer by education who chooses the way of poetry, photography, and writing to kick off his career. Highly enthusiastic about brands and startups, he aims to be a travel content creator.

Related Posts

Dips and Sauces Maker Wingreens Farms Acquires Natural Beverage Startup Raw Pressery
News

Dips and Sauces Maker Wingreens Farms Acquires Natural Beverage Startup Raw Pressery

January 22, 2021
Cred Founder Kunal Shah Invests in the new Venture of One Plus Co-founder Carl Pie
News

Cred Founder Kunal Shah Invests in the new Venture of One Plus Co-founder Carl Pie

January 21, 2021
SEBI Approved Much Talked Future Group-Reliance Industries Deal
News

SEBI Approved Much Talked Future Group-Reliance Industries Deal

January 21, 2021
Tata Group is All Set to Acquire 60% stake in BigBasket
News

Tata Group is All Set to Acquire 60% stake in BigBasket

January 20, 2021
Chinese Billionaire Jack Ma Suspected Missing after Condemning the Chinese Government.
News

Alibaba Share Surges after Jack Ma’s Resurfacing Video

January 20, 2021
Indian Government Strictly Asks WhatsApp to Withdraw New Policy Change
News

Indian Government Strictly Asks WhatsApp to Withdraw New Policy Change

January 19, 2021
Next Post
RIL Future Group Reliance Retail Business - Next Big Brand

Ambani-Led RIL Closes On To Buy Stake In Amazon India's Partner Future Group

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

RECOMMENDED NEWS

Mohit Gupta Zomato Co-founder- Next Big Brand

Zomato Elevates CEO Of Food Delivery Mohit Gupta To Co-Founder

8 months ago
rip nano

Tata Motors: Production Of Nano To Be Discontinued From April 2019

2 years ago
HT MEDIA GROUP radio one

HT Media picks 51% stake in Radio One

2 years ago
Mukesh Ambani Sports TeamNet Worth- Next Big Brand

Mukesh Ambani Has Lost 28% Of Net Worth To $48 Bn In 2 Months

10 months ago

FOLLOW US

  • 22.4k Fans

BROWSE BY TOPICS

2018 League amazon Amazon Great Indian Sale Amazon Prime Apple Apple Inc Automobile Industry Balinese Culture Bali United Budget Travel Champions League Chopper Bike Doctor Terawan facebook Facebook app future group hotstar Indian OTT Platforms Indian Smartphone Market Istana Negara Jio Market Stories Maruti Suzuki National Exam Netflix Netflix India Netflix Originals oppo OTT OYO Realme Reliance Industries Limited Reliance Jio RIL Samsung Tata Motors Tiktok TikTok India TikTok Videos Visit Bali Vivo whatsapp Xiaomi Xiaomi India YouTube
Next Big Brand

We Talk About Brands

Follow us on social media:

Recent News

  • Dips and Sauces Maker Wingreens Farms Acquires Natural Beverage Startup Raw Pressery
  • Cred Founder Kunal Shah Invests in the new Venture of One Plus Co-founder Carl Pie
  • SEBI Approved Much Talked Future Group-Reliance Industries Deal

Instagram

Follow Me!

Latest News

Dips and Sauces Maker Wingreens Farms Acquires Natural Beverage Startup Raw Pressery

Dips and Sauces Maker Wingreens Farms Acquires Natural Beverage Startup Raw Pressery

January 22, 2021
Cred Founder Kunal Shah Invests in the new Venture of One Plus Co-founder Carl Pie

Cred Founder Kunal Shah Invests in the new Venture of One Plus Co-founder Carl Pie

January 21, 2021
  • About Us
  • Privacy Policy
  • Terms and Conditions
  • Disclaimer
  • DMCA Policy
  • Our Team
  • Contact Us
  • Sitemap

© 2019 NBB. All Rights Reserved.

No Result
View All Result
  • .
  • News
  • Internet
  • Startup
  • OTT
  • Agency
  • Industries
  • FMCG
  • Automobile
  • Retail
  • Tech
  • Case Study
  • Interview

© 2019 NBB. All Rights Reserved.

Login to your account below

Forgotten Password?

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.