Mukesh Ambani, one of the world's richest people, wants to make his company Reliance Industries Limited debt-free even before the scheduled time. Reliance currently has a debt of Rs 1.61 lakh crore. Ambani wants to make the company debt-free by bringing strategic investors in its core businesses and through a rights issue. Ambani, chairman and managing director of Reliance Industries Ltd, set a target of March 2021 to make his company debt-free in August last year.
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Reliance has taken two big steps towards making the company debt-free. There is an agreement between Reliance's Jio Platforms and Facebook. Under this agreement, Facebook is buying a 9.9 percent stake in Jio platforms. That is, she is investing Rs 43,574 crore in Jio platforms. Apart from this, Reliance has announced the country's biggest rights issue on Thursday. This rights issue is worth Rs 53,125 crore. Apart from this, the company's goal of getting rid of debt by proposed deals such as selling shares to companies like Saudi Aramco is seen to be completed by December.
Announcing the results for the fourth quarter of the financial year 2019-20, RIL's Joint Chief Financial Officer, Srikanth Venkatachari said, "The debt-free target of the company will be met in the year 2020 itself." Venkatachari said, "The company estimates that the capital raising program of 1.04 lakh crore will be completed by June."
