Mukesh Ambani Hits Zero Net-Debt Goal In “Amazing Lockdown Achievement”

Mukesh Ambani, Hits Zero Net-Debt Goal In “Amazing Lockdown Achievement”, the chairman and managing director of India’s most-valued company Reliance Industries, has become the 11th richest person in the world today. His real-time net worth crossed the $60 billion mark for the first time.

According to Bloomberg Billionaires Index, the real-time net worth of Mukesh Ambani now stands at $60.3 billion (Rs 4.58 lakh crore), $1.16 billion higher than yesterday, after share prices of RIL touched a record-high of Rs 1,737.95 apiece, rising nearly 5% compared to its previous closing of Rs 1,655 apiece. RIL’s market capitalization now stands at over Rs 11.50 lakh crore.

Amancio Ortega, founder and former chairman of Spanish fashion retail chain Zara is left behind, after the surge in Ambani’s net worth. Amancio Ortega’s net worth now stands at $59 billion.

Mukesh Ambani said that he has fulfilled his promise of making RIL a net debt-free company nine months ahead of the target (March 31, 2021) set him at the company’s 42nd annual general meeting on August 12, 2019.

“Today I am both delighted and humbled to announce that we have fulfilled our promise to the shareholders by making Reliance net debt-free much before our original schedule of 31st March 2021,” Ambani mentioned in a statement.

The conglomerate had a net-debt of Rs 161,035 crore, as on 31st March 2020. Over the last nine weeks, RIL’s digital arm Jio Platforms raised Rs 1.16 lakh crore from marque technology investors. Also, the company has raised Rs 53,124.20 crore from its’ recently concluded rights issue. With these investments, RIL has become a net debt-free company.

Addressing shareholders, Ambani said that Reliance is in its “Golden Decade” and will set even more ambitious growth goals, and achieve them.

The company has plans to expand its consumer businesses within the next five years. “We will induct leading global partners in these (consumer) businesses in the next few quarters, and move towards listing of both these companies within the next five
years……,” Ambani said adding that “with these initiatives, I have no doubt that your company will have one of the strongest balance sheets in the world.”

Reliance Industries said the Saudi inflow marks the end of Jio’s current phase of roping in equity partners.

Share prices of RIL touched a record-high of Rs 1,737.95 today, it has rallied nearly 95% over the last three months.

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