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MarketScreener Homepage  >  Equities  >  NSE India Stock Exchange  >  Reliance Industries Ltd    RELIANCE   INE002A01018

RELIANCE INDUSTRIES LTD

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Reliance Industries Becomes Debt Free After Over $20 Billion Equity Fundraising

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06/19/2020 | 12:17am EDT

By P.R. Venkat

Indian conglomerate Reliance Industries Ltd. has become a debt-free company ahead of its target, mainly supported by investments totaling more than $20 billion by large multinational companies, private equity firms and sovereign wealth funds.

Reliance, which has business interests spanning media to refining to telecommunications, has raised a total of 1.688 trillion rupees ($22.09 billion) in just 58 days, the conglomerate said Friday.

Of the amount raised, INR1.157 trillion came from global investors that agreed to take minority stakes in the company's telecommunications unit, Jio Platforms.

Investors of Jio Platforms include Facebook Inc., Silver Lake, Vista Equity Partners, KKR & Co., General Atlantic LLC., Saudi Arabia's sovereign wealth fund Public Investment Fund and Abu Dhabi Investment Authority.

"I have fulfilled my promise to the shareholders by making Reliance net debt-free much before our original schedule of 31st March 2021," said Mukesh Ambani, Reliance Industries' chairman and India's richest man.

Another INR531.24 billion was raised from a rights issue.

"Over the past few weeks, we have been overwhelmed by the phenomenal interest of the global financial investor community in partnering with Jio," Mr. Ambani said.

Reliance Industries is India's largest private sector company with consolidated turnover of $87.1 billion earning a net profit of $5.3 billion for the year ended March 31. The company's net debt during the period was INR1.610 trillion.

 

Write to P.R. Venkat at venkat.pr@wsj.com

 

Stocks mentioned in the article
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Financials
Sales 2021 5 603 B 74 281 M 74 281 M
Net income 2021 438 B 5 808 M 5 808 M
Net Debt 2021 1 670 B 22 134 M 22 134 M
P/E ratio 2021 28,0x
Yield 2021 0,38%
Capitalization 12 285 B 163 B 163 B
EV / Sales 2020
EV / Sales 2021 2,49x
Nbr of Employees 194 056
Free-Float 53,8%
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Technical analysis trends RELIANCE INDUSTRIES LTD
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Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 28
Average target price 1 711,93 INR
Last Close Price 1 935,00 INR
Spread / Highest target 10,1%
Spread / Average Target -11,5%
Spread / Lowest Target -40,6%
EPS Revisions
Managers
NameTitle
Mukesh Dhirubhai Ambani Chairman & Managing Director
Srikanth Venkatachari Joint Chief Financial Officer
Alok Agarwal Joint Chief Financial Officer
Nikhil Rasiklal Meswani Executive Director
Hital Rasiklal Meswani Executive Director
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