Reliance Jio Platforms raise ₹11,367 crore from The Public Investment Fund


"We have a very clear roadmap to becoming a zero net-debt company within the next 18 months that is by March 31, 202", he had said previous year highlighting strong interest from strategic and financial investors in consumer businesses, Jio and Reliance Retail.

Meanwhile, the company also raised another INR 53,124 Cr through a rights issue in the last 58 days. He had also mentioned that its subsidiaries, Reliance Jio and Reliance Retail, would also be listed in the next five years. "With these initiatives, I have no doubt that our company will have one of the strongest balance sheets in the world", the multi-billionaire said in a statement.

The deals have helped Ambani, Asia's richest man, make his flagship Reliance Industries debt free ahead of his March 2021 deadline.

Expressing his gratification at this achievement, Mr. Ambani said, "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".

He said over the past few weeks, phenomenal interest was received from the global financial investor community in partnering with Jio.

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Jio Platforms will receive an investment of Rs. 11,367 crores from Saudi Arabia's sovereign wealth fund Public Investment Fund (PIF) for an equity stake of 2.32 percent, Reliance Industries announced on Thursday.

In the weeks since, the telecom operator has raised an additional $9.5 billion from a roster of nine high-profile investors including Silver Lake, KKR, and General Atlantic . Adding this, Reliance Industries has raised more than INR 1.75 Lakh Cr in the last seven months.

Mr Ambani, who made a pledge to shareholders in August to slash the group's net debt to zero within 18 months, went on a fundraising spree starting late April, despite India being under lockdown because of the coronavirus.

A sharp surge in market price of RIL fully-paid share pushed the company's market capitalisation (m-cap) over Rs 11-trillion for the first time on the BSE.

Taken together with last year's sale of 49 percent stake in fuel retailing venture to BP Plc of United Kingdom for Rs 7,000 crore, the total fund raised is in excess of Rs 1.75 lakh crore, the company said in a statement.