The stock rallied 5 percent to hit an all-time high of Rs 1,738.95 apiece on the BSE with a market cap of Rs 11.02 lakh crore. "Therefore, on the proud occasion of becoming a net debt-free company, I wish to assure them that Reliance in its Golden Decade will set even more ambitious growth goals, and achieve them, in fulfilment of the vision of our Founder, Dhirubhai Ambani, to consistently increase our contribution to India's prosperity and inclusive development".
"From Oil Economy, this relationship is now moving to strengthen India's New Oil (Data-driven) Economy, as is evident from PIF's investment into Jio Platforms", said Mukesh Ambani, chairman and managing director, Reliance Industries, in a statement.
"Our net-debt was Rs 1,61,035 crore, as on March 31, 2020".
The huge capital infusion at the height of a global pandemic accounted for more than half of the investment into telecom companies globally this year, according to Bloomberg.
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The company said that it was not only the largest ever in India, but also the largest in the world by a non-financial entity in the last ten years. It added that another Rs 53,124 crore was raised through a "rights issue".
Mukesh Ambani, who controls Reliance Industries (the parent firm of Jio Platforms and a range of other businesses), said that Jio Platforms and Reliance Retail, the largest retail chain in the country, "have received strong interest from strategic and financial investors", but he will now "induct leading global partners in these businesses in the next few quarters".
Last August, Ambani promised shareholders that Reliance Industries, which is India's most valued firm, would repay its debt by early 2021. "We will move towards listing of both these companies within the next five years", said Ambani in a statement. It has since sold 24.7% of Jio Platforms to global investors including General Atlantic, KKR, Saudi sovereign wealth fund and Abu Dhabi state fund, raising a total of $15.22 billion.
"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".