Reliance Now In A Strong Position To Continue On The Growth Path

Reliance now in a strong position to continue on the growth path raises capital from investors: Mukesh Ambani.

Mukesh Ambani, Chairman and Managing Director of Reliance Industries Limited has said that the company is now in a strong position to continue on the path of growth.

In fact, the company’s position has improved after raising record capital from leading investors around the world.

The company has sufficient liquidity to support the growth of the Mukesh Ambani company’s three businesses — from retail, telecommunications, and oil to chemicals.

The company on Wednesday released a new annual report which states that another Rs 53,124 crore has been raised through the rights issue.

The company has sold a minority stake in Jio Platforms and retail business unit for Rs 2 lakh crore. Apart from this, Jio Platforms runs the company’s telecom and digital business.

Ambani said that we have a strong ledger with high liquidity which will help in growth plans for our three fast-growth engines Jio, Retail, and Oil-to-Chemicals.

In the year 2020-21, Reliance completed a rights issue of Rs 53,124 crore. This was the biggest rights issue to see. The issue was subscribed 1.59 times.

Ambani said that thanks to these investments, Reliance Industries became a zero-debt company ahead of schedule.

According to Ambani, throughout the year Jio Platforms and Reliance Retail raised Rs 1,52,056 crore and Rs 47,265 crore, respectively, from various strategic and financial investors, including Facebook and Google.

In addition, BP (British Petroleum) invested Rs 7,629 crore for a 49 percent stake in the fuel retailing business.

According to Ambani, our books were further strengthened by strong inflows of finance and the largest ever capital raising.

The advantage of this was that it was successful in clearing the dues before the stipulated time frame and becoming a net-zero debt company.