Reliance Industries declared itself debt-free after ten international investors committed to buying nearly 25 per cent of digital subsidiary Jio Platforms for a total of US$15.2 billion.
In a statement, Reliance Industries chairman and MD Mukesh Ambani said: “I have fulfilled my promise to the shareholders by making Reliance net debt-free before our original schedule of 31 March 2021.”
He said the investments in Jio Platforms combined with a recent rights issue totalling INR53.1 billion (US$697.1 million) raised INR1.7 trillion in less than two months. The company’s net-debt on 31 March was INR1.6 trillion.
June 18, the Indian conglomerate lined up another massive investment from Public Investment Fund of Saudi Arabia, which took the total stake sold to 24.71 per cent.
Ambani added the company was “overwhelmed by the phenomenal interest of the global financial investor community” in Jio Platforms.
“As our fundraising milestone from financial investors is achieved, we sincerely thank the marquee group of financial partners and warmly welcome them into Jio Platforms”.