New Delhi: Reliance Industries is moving towards its goal of becoming a debt-free company. During the last few weeks, Reliance has raised significant funds from various companies, which has made it easier for it to achieve its goal of becoming a zero debt company.
A brokerage company report states that even if Reliance’s deal with Saudi Aramco is delayed, it will still be in a position to pay off its entire net debt. Reliance Industries, controlled by billionaire industrialist Mukesh Ambani, has raised a total of Rs 78,562 crore by selling a minority stake in its digital entity to Facebook and private equity companies such as Silver Lake, Vista Equity, KKR and General Atlantic.
Apart from this, the company is also raising Rs 53,125 crore through rights issue. A research report on Edelweiss on the company states, “After the recent deals, we have analyzed the book of accounts of Reliance Industries. The company has raised Rs 1.3 lakh crore in the form of equity during the last month. It is our contention that even if the Aramco deal is delayed, the company will be able to repay its entire debt of Rs 1.6 lakh crore in 2020-21. “
