Mukesh Ambani today announced that his flagship firm Reliance Industries in now net-debt free after a record Rs.1.69 lakh crore fund raising in under two months, much ahead of its target, March 2021. In just 58 days, RIL raised over Rs.1,68,818 crore through Rs.1,15,693.95 crore from various investors (Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala, Abu Dhabi Investment Authority, TPG and L Catterton) by diluting less than a quarter of its stake and another Rs.53,124.20 crore from a rights issue.

Mukesh said in a statement, “We have raised Rs.1.15 lakh crore from global tech investors by selling a little less than a quarter of the firm’s digital arm,

I have fulfilled my promise to the shareholders by making Reliance net-debt free much before our original schedule of March 31, 2021

Jio Platforms, 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. “Exceeding the expectations of our shareholders and all other stakeholders, again and yet again, is in the very DNA of Reliance. Therefore, on the proud occasion of becoming a net debt-free company, I wish to assure them that Reliance in its Golden Decade will set even more ambitious growth goals, and achieve them, in fulfilment of the vision of our Founder, Dhirubhai Ambani, to consistently increase our contribution to India’s prosperity and inclusive development,” Mukesh further added.