With plans to raise funds totalling ₹1.62-lakh crore by December, billionaire Mukesh Ambani-controlled Reliance Industries Ltd (RIL) will emerge net-debt free by the end of this calendar year. This is much ahead of industry and analysts expectations of RIL being debt-free by March 2021.
These fund-raising plans are based on equity partnership deals or through operating cash flowsand do not include the entire proceedings of the rights issue. The plans to become debt-free are not dependent on the timelines of the proposed Saudi Aramco deal, industry sources told BusinessLine.
String of deals
RIL intends to raise ₹1,61,843-crore through a string of deals by December 2020, some of which have already been completed. The company’s net debt stood at ₹1,61,035 crore as of March 31, 2020.
