Reliance Industries Shares Jump 2%; Market Valuation Rises by Rs 16,346 Crore

CCI To Probe Reliance Jio Facebook Deal Over Potential Data Abuse

"With these investments, RIL has become net debt-free".

India's most valuable company said in a statement on Friday that it secured $15.2bn by bringing on investors including Facebook and a slew of funds into Jio Platforms, the digital business that is at the heart of Mr Ambani's ambition to transform his energy-led empire.

Reliance Industries said on Friday that it has raised more than Rs 1,68,818 crore in 58 days.

"Our net-debt was Rs 161,035 crore, as on March 31, 2020". It's perhaps the only corporate giant in India to be free from all debt.

India's most valuable company Reliance Industries Limited has managed to become net debt-free nearly nine months ahead of its set target, thanks to the INR 168,818 Cr fundraising in the last eight weeks.

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Reliance's Jio Infocomm is India's biggest telecom carrier by subscribers with more than 376 million users. At the same time, Reliance raised Rs 53,124.20 crore through a rights issue.

Adding to this the agreement reached with BP in the petro-retail sector, Reliance has acquired a total fund of over Rs 1,75,000 crore.

It really is the tenth significant investment in Jio Platforms considering that April, when Facebook bet $USD billion in a single of its largest ever discounts.

"Exceeding the expectations of our shareholders and all other stakeholders, again and yet again, is in the very DNA of Reliance". Ambani said that the capital has helped him repay Reliance Industries' net debt of $21 billion well ahead of schedule. "As our fund-raising milestone from financial investors is achieved, we sincerely thank the marquee group of financial partners and warmly welcome them into Jio Platforms".

Jio Platforms' vision is to enable a Digital India for 1.3 billion people and businesses across the country, including small merchants, micro-businesses and farmers, so that all of them can enjoy the fruits of inclusive growth.

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