Reliance Jio Platforms raise ₹11,367 crore from The Public Investment Fund

Asia's richest man wants to build the next tech giant

Reliance Jio Platforms raise ₹11,367 crore from The Public Investment Fund

This investment values Jio Platforms at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore.

RIL raised more than Rs 168,818 crore in just 58 days through Rs 115,693.95 crore collected from investors in Jio and another Rs 53,124.20 crore from a rights issue.

"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", said Mukesh Ambani, chairman and managing director of RIL. Ambani also revealed his goal for the next five years, which is for Reliance to have "one of the strongest balance sheets in the world".

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"We have a very clear roadmap to becoming a zero net-debt company within the next 18 months that is by March 31, 202", he had said past year highlighting strong interest from strategic and financial investors in consumer businesses, Jio and Reliance Retail.

Last year, Ambani had assured his shareholders that the company would become net-debt free by March 31, 2021.

Global brokerage Morgan Stanley has maintained "Overweight" rating on RIL with a target price of Rs 1,801 per share as it believes that multiple catalysts are in play for the stock such as faster than expected deleveraging, improving demand and margin outlook.

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Consequently, it has now emerged as a net debt-free company.

In August 2019, Ambani's Reliance Industries Limited (RIL) emerged as the country's most valued company, with a market capitalisation of INR 8,19,073 crore, rounding up to somewhere between $90 billion-$108 billion roughly.

Reliance Industries Limited on Thursday announced raising an investment of ₹11,367 crore from Saudi Arabia's The Public Investment Fund (PIF). This is even more remarkable that this was achieved amidst a global lockdown caused by the COVID-19 pandemic. Taking PIF's investment into account alongside Facebook, Silver Lake, Vista Partners, General Atlantic, KKR, Mubadala, ADIA, TPG and L Catterton, Jio Platforms has received Rs 1,15,693.95 crore in investment from the leading global investors in exchange for 24.7 percent of the company. PIF's investment marks the end of Jio Platforms' current phase of induction of financial partners.

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"I also express my heartfelt gratitude to all the retail and institutional investors, both domestic and foreign, for their overwhelming participation in our record-setting Rights Issue", he added.

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