RIL net debt free before schedule; to list retail, telecom biz within 5 yrs

Starting with Facebook Inc on April 22, Reliance has sold almost 25 per cent of equity in Jio Platforms.

Reliance Industries is net debt-free after raising a record Rs 1.69 lakh crore from global investors and a rights issue in almost two months, said group chairman Mukesh Ambani in a statement on Friday.

The statement came after Reliance said on Thursday Saudi Arabia’s Public Investment Fund will buy a 2.32 per cent stake in its digital unit Jio Platforms for Rs 11,367 crore.

“We have received strong interest from strategic and financial investors in our consumer businesses, Jio and Reliance Retail. We will move towards listing of both these companies within the next five years,” said