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.
AdvertisementAfter record fund raising,
"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.
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.
"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
Reliance Industries’ earnings disappoint markets – stocks fall by over 2% in morning trade
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