NEW DELHI: Following listing fund raising, Reliance Industries Ltd currently has a solid balance sheet with higher liquidity which can support development programs for its own three hyper-growth motors, Jio, Retail and Oil-to-Chemicals, according to the company’s chairman and managing director Mukesh Ambani.
From the corporation’s latest annual report published on Wednesdayhe said the firm sold minority stakes from Jio Platforms — that the device which houses its own telecom and electronic company — and also retail arm for nearly Rs two lakh crore and increased an additional Rs 53,124 crore via rights problem.
“We finally have a solid balance sheet with higher liquidity which will encourage growth strategies for our three hyper-growth motors — Jio, Retail and O2C,” he explained.
Throughout 2020-21, Reliance finished India’s biggest ever rights issue of Rs 53,124 crore (oversubscribed by 1.59 days ), that was the biggest on the planet by a non-refundable establishment in the past ten decades.
“Through the calendar year, Jio Platforms and Reliance Retail increased Rs 1,52,056 crore and Rs 47,265 crore, respectivelyfrom financial and strategic investors, such as Facebook and Google,” he explained.
“BP spent $ 7,629 crore for a 49 percent stake in our gas retailing enterprise.” These funds assisted Reliance reach web zero-debt goal before schedule.
“Strong operating cash flow and biggest ever funding increase further strengthened our balance sheet, so allowing us to deleverage and fulfill with our net-debt zero dedication before said deadline,” he explained, adding that throughout the calendar year, Reliance made pre-payment of $7.8 billion of longterm foreign currency , together with requisite approvals from RBI.
That is the greatest ever amount of debt dominated with any company debtor in India.
RIL Currently has Powerful balance sheet to Encourage Development: Ambani
