Reliance Industries Limited (RIL), the largest company in India in terms of market capitalisation (market cap) crossed the Rs 11.5 lakh crore valuation mark on Friday. Shares of the Mukesh Ambani-led oil-to-telecom conglomerate rose nearly 7 percent to Rs 1,788.80, a new all-time high, after it said that the company has met its target to become a zero net debt company much before its deadline of March 2021.
On Friday, RIL issued a press release titled "Reliance raises over Rs 168,818 crore in just 58 days." The company said that it has raised Rs 1.15 lakh crore from investments by global tech investors in Jio Platforms and Rs 53,124.20 crore from its rights issue.
"The combined capital raised has no precedence globally in such a short time. Both of these are also unprecedented in Indian corporate history and have set new benchmarks. This is even more remarkable that this was achieved amidst a global lockdown caused by the COVID-19 pandemic," the press release said.
Along with the stake sale to BP in the petro-retail joint venture, the total fund raised is in excess of Rs 1.75 lakh crore.
"Our net-debt was Rs 161,035 crore, as on 31st March 2020. With these investments, RIL has become NET DEBT-FREE," it said.
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 22 April 2020.
"Today I am both delighted and humbled to announce that we have fulfilled our promise to the shareholders by making Reliance net debt-free much before our original schedule of 31st March 2021," said chairman Mukesh Ambani in a statement and added that "I wish to assure them that Reliance in its Golden Decade will set even more ambitious growth goals, and achieve them."