RIL Says Will Achieve Zero Net Debt Status Ahead of Schedule
RIL Says Will Achieve Zero Net Debt Status Ahead of Schedule
RIL said it expected to complete the capital raising programme totalling over Rs 1.04 lakh crore by Q1 of the current financial year.

Mumbai: Reliance Industries Thursday said it will achieve zero net debt status ahead of schedule, as it announced its quarterly and annual results.

RIL said it expected to complete the capital raising programme totalling over Rs 1.04 lakh crore by Q1 of the current financial year. This includes the investment by Facebook in Jio Platforms, the upcoming rights issue and the previous investment by British Petroleum in FY2019-20.

In addition to the investment by Facebook, the company said, it has received strong interest from other strategic and financial investors and is in good shape to announce a similar-sized investment in the coming months.

"This establishes the attractiveness of Jio Platforms to the world and is a strong validation of RIL’s capability to conceive large-scale disruptive greenfield businesses. With strong visibility to these equity infusions, the Board was informed that RIL is set to achieve net-zero debt status ahead of its own aggressive timeline," the company said in its quarterly result release.

The company had targeted to be zero net-debt by early 2021. The company also announced a 1:15 rights issue at Rs 1,257 per share to raise Rs 53,125 crore.

Disclaimer: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.

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