Reliance is net-debt free: Billionaire Mukesh Ambani

TIL Desk/Business/Mumbai/ 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.