Reliance Industries becomes debt free in 58 days
By MYBRANDBOOK
Reliance Industries announced that it has now finally managed to become debt free and that they will move towards the listing of both Jio and Reliance Retail within the next five years.
In a statement announcing that the company is now net debt-free, the Chairman added that they have received strong interest from strategic and financial investors in their consumer businesses, Jio and Reliance Retail.
"We will induct leading global partners in these businesses in the next few quarters, and move towards listing both of these companies within the next five years. With these initiatives, I have no doubt that your company will have one of the strongest balance sheets in the world," Mukesh Ambani said.
The company has raised over Rs 1.68 lakh crore in just 58 days and along with stake sale to BP, total fundraise is over Rs 1.75 lakh crore, he announced.
“I have fulfilled my promise to the shareholders by making Reliance net debt-free much before our original schedule of 31st March 2021," Mukesh Ambani said. The company has raised Rs 1.15 crore from 11 tech investors in the past 2 months and Rs 53,124.20 crore from RIL's rights issue.
Last year, the company had a net debt of Rs 1.61 lakh crore, built up as it undertook capital expenditure over the past few years in expanding its telecom and retail ventures, as well as a few projects on the refining side.
Jio Platforms has raised Rs 1.15 lakh crore from leading global investors including Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala, ADIA, TPG, L Catterton and PIF since April 22, 2020.
BREAKING NEWS
TECHNO TRENDS
Microsoft to build a new data centre to support Thailand's tec
Microsoft has revealed intentions to construct a regional data centre as w...
SAP launches cloud services to help Indian scaleups innovate m
SAP at SAP unveils now "GROW with SAP for Scaleups," a new cloud service d...
Denodo and Sonata form alliance to unlock data-to-value creati
Denodo and Sonata Information Technology India Limited (SITL) have annou...
Google Play Store will now let users download two apps simulta
Google Play Store now lets users download two apps simultaneously. While a...
E-Magazine
TECHNOTAINMENT
ED attaches Raj Kundra, Shilpa Shetty’s Rs 97 crore worth as
The Enforcement Directorate (ED) has seized businessman Raj Kundra's pro
Salman Khan trolled for singing with B Praak at Anant Ambani's
To celebrate Mukesh Ambani's youngest son Anant Ambani’s 29th birthday
MOVERS & SHAKERS
DigiCert names Atri Chatterjee as CMO
DigiCert has announced the appointment of Atri Chatterjee as Chief Market
Amagi names its Chief Product Officer
Amagi announced the appointment of Richard Perkett as its Chief Product Of
OPEN YOUR EYES
INTERVIEWS
AMD Pensando innovation CONTINUES
In 2022, AMD announced its acquisition of Pensando Systems, an addition to
Technology and a robust partner network help position Allied T
Allied Telesis in India has a strong and growing team that is very customer
HOT PICK
COLORFUL rolls out an array of gaming laptops
COLORFUL launched its incredible series of COLORFUL EVOL P15 gaming laptop
Dell Technologies launches new AI-powered commercial PC portfo
Dell Technologies has launched the broadest portfolio of commercial AI lap
MAKE IN INDIA BRANDS
CP PLUS INDIA PVT. LTD.
SECUREYE SERVICES PVT. LTD.
FRESHWORKS TECHNOLOGIES PVT. LTD.
WIPRO LTD.
EMINENT CIO'S OF INDIA
ICONS OF INDIA
Technology Icons Of India 2023: C P Gurnani
CP Gurnani (popularly known as ‘CP’ within his peer group), is the...
Technology Icons Of India 2023: Dilip Asbe
Dilip Asbe is the MD & CEO of National Payments Corporation of India (...
Technology Icons Of India 2023: Ritesh Agarwal
Ritesh Agarwal Founder & CEO of OYO Hotels & Homes-World’s fastest g...
PARTNER SPEAKERS
PSU
DRDO is India's largest and most diverse research organisation
DRDO is the R&D wing of Ministry of Defence, Govt of India, with a vis...
BBNL empowering rural India digitally
BBNL provide high speed digital connectivity to Rural India at afforda...
STPI encouraging software exports from India
Software Technology Parks of India (STPI) is an S&T organization under...
VIDEOS
Top 25 Brands
Value-Added Distribution
ACCERON INFOSOL PVT. LTD.
It is a leading value added distributor in the IT security space and h...
IVALUE INFOSOLUTIONS PVT. LTD.
: iValue Info Solutions is a value added distributor, provides solutio...
INGRAM MICRO INDIA PVT. LTD.
Ingram Micro India, a large national distributor offers a comprehensiv...
ITFORUM 2024
WIITF 2024
CMO of the Year
WOMEN LEADERSHIP
EMINENT CIO's OF INDIA
TRENDS IN TECHNOLOGY
MORE VIDEOS
ADVERTISEMENTS
TECHNOLOGY DISRUPTION
UNICORNS REVOLUTIONISING
