Reliance Industries owned by the Ambani group has announced itself net debt-free on Friday. The industry had the prior target to complete this goal by the end of the next financial year that is March 2021 but Reliance gladly announced the news to have completed their goal ahead of its expected time.
Reliance Industries by Mukesh Ambani has become the first one to cross $150 billion in market cap in India. The shares of the company have taken a hike of 8% intra-day as the company is declared debt-free.
The conglomerate controlled by Mukesh Ambani has released the statement in which he has mentioned that since April the company has been successful in raising Rs.168,818 crores in just two months and in this way they have fulfilled their promise to the shareholders. Ambani has called this decade Reliance Industries’s golden decade and said that they will be setting even more ambitious growth goals to ensure their success.
Since the beginning of 2017, Ambani believed that this is going to be a golden decade for Reliance Industries as he believed in the expansion of petrochemicals business and also the foundation of Jio.
The net debt of Reliance was Rs. 161,035 crores on March 31st but the funds that are raised with the help of stake sales in Jio platforms and the rights issue has been successful in exceeding the amount. Apart from this, there has been a stake sale to BP in the petro-retail joint venture and after calculating the amount of all these, the total funds are as much as Rs. 1.75 lakh crores as said by the company.