Mukesh Ambani calls Jio, Reliance Retail and oil-to-chemicals as 'hyper growth engines'
Reliance Industrieshas released its annual report for the financial year 2020-21.
- Mukesh Ambani, the company's chairman, has pegged the digital, retail and oil-to-chemicals businesses as the three hypergrowth engines of the 49-year old conglomerate.
- Further, he pointed at the strong balance sheet and high liquidity, saying it will fuel the future growth of the company.
"We now have a strong balance sheet with high liquidity that will support growth plans for our three hyper-growth engines -- Jio, Retail and O2C," he said.
TOP VIDEOS FOR YOU
During 2020-21, Reliance completed India's largest ever rights issue of Rs 53,124 crore (oversubscribed by 1.59 times), which was also the largest in the world by a non-financial institution in the last 10 years.
Advertisement"During the year, Jio Platforms and
These funds helped Reliance reach net zero-debt target ahead of schedule.
"Strong operating cash flow and largest ever capital raise further strengthened our balance sheet, enabling us to deleverage and meet our net-debt zero commitment ahead of stated timeline," he said, adding that during the year, Reliance made pre-payment of USD 7.8 billion of long-term foreign currency debt, with requisite approvals from RBI.
This is the highest ever pre-payment of debt undertaken by any corporate borrower in India.
Despite the nearly 6% rally, this is only the fourth best week for Reliance Industries’ shares this year
AdvertisementReliance Industries’ earnings disappoint markets – stocks fall by over 2% in morning trade
- Here’s how to recharge your Reliance Jio on WhatsApp
- India may classify Bitcoin as an asset class, but that may not solve the underlying problem
- Facebook rolls out new chat themes and payment options in Messenger app for US users
- Dodla Dairy's ₹520 crore IPO isn't to expand into new markets but to strengthen its foothold where it already exists
- Sun TV Network's advertising revenue shrinks, but profit jumps 11% on subscriptions