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Reliance Industries Ltd., India’s kingpin company just released its latest annual reports on Wednesday. The company’s Managing Director and Chairman, Mukesh Ambani mentioned that the company sold minority stakes of the Jio Platforms, which controls its telecom and digital business for close to ₹2 lakh crore and earned an additional ₹53,124 crores through rights issue.
Through fundraising that can be made a record, Reliance Industries Ltd. has a powerful balance sheet with a lot of liquid assets that can aid in the extension plans of its 3 high revenue subsets, Jio, retail, and Oils to Chemicals.
Being the profit giant it is, Reliance Industries Ltd. has completed India’s largest ever rights issue of ₹53,124 crores, which is also the highest in the world by a non-financial institution in the past decade.
Over the year the Jio platform and Reliance Retail have raised ₹1,52,056 crores and ₹47,265 crores, respectively, from strategic and financial investors, including companies like Facebook and Google. It is also known that BP invested ₹7,629 crores for a 49% stake in the fuel retailing business associated with Reliance Industries Ltd. The inflow of these funds has resulted in Reliance having a zero-debt target ahead of their planned time. It should also be noted that Reliance has achieved all of this even after it made a pre-payment of $7.8 billion of long-term foreign currency debt, with requisite approvals from RBI. This is the most high-priced pre-payment debt undertaken in India by any corporate borrower.