New Delhi: After record funding, Reliance Industries now has a strong, liquid balance sheet to support growth plans for three super-growth engines: Jio, Retail and Oil-to-Chemicals. .. Directed by Mukesh Ambani.
In the company’s latest annual report released Wednesday, he sold a minority stake and retail division of Jio Platforms, the unit in which the company owns telecommunications and digital businesses, for around Rs 200,000 through Rights. He said he had raised an additional 53,124 million rupees. problem.
“Currently, we have a strong, liquid balance sheet that supports our three super-growth engines, Geo, Retail and O2C’s growth plans,” he said.
From 2020 to 2021, the Reliance completed the largest issuance of rights in India’s history at Rs 53,124 thousand (1.59 times oversubscribe). It was also the world’s largest non-financial institution in the last decade.
“This year, Jio Platforms and Reliance Retail raised Rs 152,056 million and Rs 47,250 million, respectively, from strategic and financial investors such as Facebook and Google.“ BP raised 7.6 billion. We invested Rs 29 million to acquire a 49% stake in our fuel retail business. ”
With these funds, Reliance was able to reach its net zero debt target earlier than planned.
“Strong operating cash flow and the largest funding ever have helped us further strengthen our balance sheet, reduce leverage and achieve our zero net debt commitment faster than planned,” he said. Reliance added that it made a $ 7.8 prepayment. Billions of long-term foreign currency-denominated debt with the required approval from the RBI.
This is the highest prepayment of debt by an Indian corporate borrower.