Mukesh Ambani's Reliance Industries is now 'net debt free'

PTI

Business, Companies

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

Mukesh Ambani's Reliance Industries becomes 'net debt free' after Rs 1.69 lakh crore fund raising. (PTI Photo)

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.

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