Mukesh Ambani's Reliance Industries is now 'net debt free'
Ambani said Reliance raised Rs 1.15 lakh crore by selling a little less than a quarter of the firm's digital arm, Jio Platforms Ltd
By : DC Correspondent
Update: 2020-06-19 04:32 GMT
New Delhi: 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, 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.