"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 a year ago highlighting strong interest from strategic and financial investors in consumer businesses, Jio and Reliance Retail. Meanwhile, Jio Platforms raised Rs 115,693.95 crore from 10 global investors in the past 58 days.
Beyond that, Jio Platforms also holds Reliance's home broadband business Jio Fiber, feature phone business, music streaming service JioSaavn, on-demand live television service, a payments service, among other things. It was the 11th investment in Jio Platforms over the last nine weeks. "With these initiatives, I have no doubt that your company will have one of the strongest balance sheets in the world".
Commenting on the investment, Mukesh Ambani, chairman and managing director of Reliance Industries Limited, said, "We at Reliance have enjoyed a long and fruitful relationship with the Kingdom of Saudi Arabia for many decades". The drive behind Ambani's rapid sales of Jio stakes to American and Middle Eastern firms was to make Reliance Industries "net debt-free".
"Our net-debt was Rs 161,035 crore, as on March 31, 2020".
Billionaire Mukesh Ambani's Reliance raised ₹1.15 trillion through a 24.71% stake sale in digital assets subsidiary Jio Platforms Ltd to almost a dozen investors, including Facebook Inc.
"The combined capital raised has no precedence globally in such a short time", the statement read.
Besides, it raised Rs 53,124.20 crore via a "Rights Issue". Along with the stake sale to BP in the petro-retail JV, the total fundraising is in excess of ₹ 1.75 lakh crore, the company said in a statement.
Apart from Facebook, the list of investors in Jio Platforms includes six private equity entities-General Atlantic, TPG, KKR, Silver Lake, L Catterton, Vista Equity Partners-and three sovereign funds: Abu Dhabi Investment Authority, Mubadala Investment Co. and Saudi Arabia's Public Investment Fund.
Ambani had, at the company's annual general meeting on August 12, 2019, announced a roadmap for Reliance to become a net debt-free company before March 31, 2021.
"I also express my heartfelt gratitude to all the retail and institutional investors, both domestic and foreign, for their overwhelming participation in our record-setting Rights Issue", he added.