Why Is Reliance Going Debt Free?

How much money did Mukesh Ambani have?

88.2 billion USD (2020)Mukesh Ambani/Net worth.

Is Mukesh Ambani under debt?

Billionaire Mukesh Ambani on Friday announced that his oil-to-telecom conglomerate Reliance Industries is now net debt-free after raising a record Rs 1.69 lakh crore from global investors and a rights issue in under two months.

Which company is debt free?

debt free companies by sanjeevS.No.NameROCE %1.Hind. Unilever117.092.Castrol India90.723.Colgate-Palmoliv67.414.Balmer Law. Inv.49.8122 more rows

What Anil Ambani owns?

He is the chairman of Reliance Group (also known as Reliance ADA Group), which was created in July 2006 following a demerger from Reliance Industries Limited. He leads a number of stock listed corporations including Reliance Capital, Reliance Infrastructure, Reliance Power and Reliance Communications.

What is net debt free?

So, when a business says it is net debt-free, that does not mean it has repaid all its borrowings. … For instance, in the case of Reliance Industries, its net debt as on March 2020 was ₹1.61-lakh crore (outstanding debt of ₹3.36-lakh crore minus cash and equivalents of ₹1.75-lakh crore).

How did Reliance become debt free?

related news The cumulative investment resulting from 11 deals struck by Reliance Industries for its digital unit, Jio Platforms, over the past nine weeks amounts to Rs 115,693.95 crore. Jio investments, it helped RIL become net debt-free.

Why is reliance in debt?

The rising debt level of Reliance demands critical attention as there has also been a consistent decline in revenue from oil, gas and petrochemical business. Investments in acquisitions is another cause for the huge debt pile of Rs 2.87 lakh crore at the end of 2018-19.

Is Jio debt free?

Reliance is now net debt-free after Rs 1.69 lakh crore fundraising: Mukesh Ambani. … Saudi Arabian sovereign wealth fund PIF buying 2.32% stake in the unit for Rs 11,367 crore on June 18 “marks the end of Jio Platforms’ current phase of induction of financial partners,” the statement said.

How does Reliance make money?

In 2012–13, it earned 76% of its revenue from refining, 19% from petrochemicals, 2% from oil & gas and 3% from other segments.

What is the difference between net debt and gross debt?

Net debt is the book value of a company’s gross debt less any cash and cash-like assets on the balance sheet. Gross debt, on the other hand, is simply the total of the book value of a company’s debt obligations.

How much is Reliance Jio debt?

RIL to get 90% of recently infused funds. Reliance Jio’s net debt has fallen to ₹21,900 crore from its peak of ₹2.17 lakh crore, with global investors pumping funds over the last six weeks, for equity stake in its parent Jio Platforms Ltd., which is a wholly owned subsidiary of Reliance Industries Limited.

How Mukesh Ambani makes money?

So far, Mukesh Ambani raised $8.8 billion from selling around 15% in Jio Platforms, the telecom and digital unit of his oil and gas giant, Reliance Industries.