Saturday, August 13, 2022

Reliance Industries Limited becomes debt-free with Jio’s overwhelming investments & Rights Issue

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Reliance raised over ₹ 168,818 crores in just 58 days

India’s largest private sector company, Reliance Industries Limited has officially become debt-free before its original schedule of 31st March 2021. Reliance was under debts and we all knew that there was doubt regarding its future and people were worried as well but Mukesh Ambani assured its shareholders last year.

At the 42nd AGM of Reliance Industries Limited on 12th August 2019, Mukesh Ambani shared his vision to make Reliance a net-debt free company before 31st March 2021. He has kept his promise even before his timespan as Reliance Industries Limited has raised over ₹ 168,818 crores in just 58 days through:

  • Investments by global tech investors – ₹ 115,693.95 crore
  • Rights Issue – ₹ 53,124.20 crore
Reliance Industries Limited becomes debt-free with Jio's overwhelming investments & Rights Issue

The world is stunned with the series of investments Jio Platforms has received in this lockdown period and yesterday, it marked the 11th investment from PIF. RIL had a net-debt of ₹ 161,035 crores, as on 31st March 2020 and now it officially declares itself debt-free.

Reliance Jio Platform alone raised has now raised a total of ₹ 115,693.95 crores by diluting 24.70% of its stake from leading technology investors including Facebook, Silver Lake Partners (two investments), Vista Equity Partners, General Atlantic, KKR, Mubadala, ADIA, TPG, L Catterton and PIF. This huge series of investments makes Jio the largest continuous funds raised by a company anywhere in the world. 

The RIL Rights Issue, which was subscribed to 1.59 times, 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.

Reliance Industries Limited becomes debt-free with Jio's overwhelming investments & Rights Issue

At this achievement, Mr. Mukesh Ambani stated, “Today I am both delighted and humbled to announce that we have fulfilled our promise to the shareholders by making Reliance net debt-free much before our original schedule of 31st March 2021. Exceeding the expectations of our shareholders and all other stakeholders, again and yet again, is in the very DNA of Reliance. Therefore, on the proud occasion of becoming a net debt-free company, I wish to assure them that Reliance in its Golden Decade will set even more ambitious growth goals, and achieve them, in fulfillment of the vision of our Founder, Dhirubhai Ambani, to consistently increase our contribution to India’s prosperity and inclusive development.”

“Over the past few weeks, we have been overwhelmed by the phenomenal interest of the global financial investor community in partnering with Jio. As our fund-raising milestone from financial investors is achieved, we sincerely thank the marquee
group of financial partners and warmly welcome them into Jio Platforms. I also express my heartfelt gratitude to all the retail and institutional investors, both domestic and foreign, for their overwhelming participation in our record-setting Rights Issue.”

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Obviously, this is a huge boost to the company, and being debt-free makes Reliance much more resilient and strong. An Indian company getting such a huge investment in such a short span of time shows how India will become the center of excellence in newer technological advancements in the coming years. Jio Platforms has a long way to grow with its growing subscribers in a country with 1.3 billion people.

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Raunak Saha
Raunak Saha
A cs engineer by profession but foodie from heart. I am tech lover guy who has a passion for singing. Football is my love and making websites is my hobby.

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