Rights issue, Aramco deal could make RIL debt-free 3 months before target

Reliance also received Rs 7,000 crore by selling 49 per cent stake in its petro retail business to BP

Mukesh Ambani could well be on his way to transforming Reliance Industries (RIL) into a debt-free company by December this year. This is three months earlier than what he had publicly told shareholders, according to sources close to the company.  

In just six weeks, while most other companies were battling the coronavirus (Covid-19) outbreak, RIL raised a staggering Rs 1.05 trillion through stake sale in its 100 per cent subsidiary Jio Platforms (JPL) and via a rights issue in RIL, which was over subscribed by 1.59 times.  

RIL raised Rs 92,203 crore from over seven investors, which include marquee players