Reliance Industries (RIL), owned by Asia’s richest man Mukesh Ambani, has wiped off its massive $21-billion (Rs161,035 crore) debt in less than two months—and in the middle of a global pandemic.
Ambani had publically announced the goal to make RIL debt-free during the company’s annual general meeting in August last year. The aim was to get there by March 31, 2021.
The major chunk of the money to clear debt came from selling stakes in RIL’s young telecom and internet venture, Jio Platforms. Since April 22, Jio Platforms has raised Rs115,693.95 crore from 10 investors, including Facebook.
In total, RIL has sold off a 24.7% stake in Jio Platforms through what it says is “the largest uninterrupted fundraising by a company anywhere in the world.”
Discussion about this post