Mangaluru: Basheer buried amidst tears and prayers; family appeals for peace

Jun 19: Billionaire Mukesh Ambani on Friday announced that his oil-to-telecom conglomerate Reliance Industries is now net debt-free after raising a record Rs 1.69 lakh crore from global investors and a rights issue in under two months.

Reliance raised Rs 1.15 lakh crore from global tech investors by selling a little less than a quarter of the firm's digital arm, Jio Platforms Ltd, and another Rs 53,124.20 crore through a rights issue in the past 58 days.

Taken together with last year's sale of 49 per cent stake in fuel retailing venture to BP Plc of UK for Rs 7,000 crore, the total fund raised is in excess of Rs 1.75 lakh crore, the company said in a statement.

Reliance had a net debt of Rs 1,61,035 crore as on March 31, 2020. "With these investments, RIL has become net debt-free," it said.

"I have fulfilled my promise to the shareholders by making Reliance net debt-free much before our original schedule of March 31, 2021," Ambani said.

Jio Platforms - which houses the country's youngest but largest telecom firm Reliance Jio, raised Rs 1,15,693.95 crore from leading global investors including Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala, ADIA, TPG, L Catterton and PIF since April 22, 2020.

Saudi Arabian sovereign wealth fund PIF buying 2.32 per cent stake in the unit for Rs 11,367 crore on June 18 "marks the end of Jio Platforms' current phase of induction of financial partners," the statement said.

Alongside, Reliance launched India's biggest right issue, which was subscribed to 1.59 times.

Though the rights issue size was Rs 53,124 crore, the company has got only 25 per cent of the money as the remaining is to be paid only next fiscal.

Ambani had at the company's annual general meeting on August 12, 2019, announced a roadmap for Reliance to become a net debt-free company before March 31, 2021.

"We have a very clear roadmap to becoming a zero net-debt company within the next 18 months that is by March 31, 202," he had said last year highlighting strong interest from strategic and financial investors in consumer businesses, Jio and Reliance Retail.

In the statement on Friday, he said he was both delighted and humbled to announce the fulfillment of the promise.

"Exceeding the expectations of our shareholders and all other stakeholders, again and yet again, is in the very DNA of Reliance," he said.

"Therefore, on the proud occasion of becoming a net debt-free company, I wish to assure them that Reliance in its Golden Decade will set even more ambitious growth goals, and achieve them," he added.

He said over the past few weeks, phenomenal interest was received from the global financial investor community in partnering with Jio.

"As our fundraising milestone from financial investors is achieved, we sincerely thank the marquee group of financial partners and warmly welcome them into Jio Platforms," he said.

"I also express my heartfelt gratitude to all the retail and institutional investors, both domestic and foreign, for their overwhelming participation in our record-setting Rights Issue," he added.

Bengaluru, May 24:The first 'Sunday curfew' imposed by the Karnataka government to try and contain the spread of COVID-19 got underway in the state today, with people by and large adhering to norms, roads wearing a deserted look and almost no vehicular traffic, barring essential services.

With barricades being up across most roads in the state, people ventured out only to purchase groceries, vegetabes and medicines.

Instances of violation of Sunday curfew lockdown norms were reported in COVID-19 hotspots of Shivajinagar and Rayapura in Bengaluru and Nelamangala and Devanahalli.

Temples, malls, bars, eateries and small food joints remained shut throughout state.

In most parts of the state buses, autorickshaws and cabs did not ply.

In Bengaluru, the ever bustling Majestic area, which houses the central city bus stand, inter-city bus stand, Metro Railway Station and the City Railway Station, did not see any activity as buses did not ply and all shops were shut, police said.

Reports from Mysuru, Tumakuru, Kolar, Mangaluru, Udupi and other towns across the state said there were no lockdown violations.

Amid the rigid curfew marriages were conducted in a simple manner in various parts of the state like Gollarahatti and Yashwanthapura in Bengaluru and also in Davangere.

Families of the brides and grooms invited only a few people for the event, adhered to social distancing norms and wore masks.

In Gollarahatti, the event organisers cleaned the road, after which the invitees, who were hardly 25 to 30 in number, sat down to have a feast.

The Karnataka government had eased restrictions during Lockdown 4 for start of economic activities like city buses, inter-district bus service, intrastate train services, opening of shops and markets.

However, the government had made it clear that there will be 'Janata Curfew' every Sunday during which only essential services would be permitted.

Bengaluru, Jun 17: Amid rising COVID cases in the past two weeks, the Karnataka government is planning to increase testing capacity to 25,000 samples a day, said a minister.

"Due to increase in cases in the last two weeks, the government is trying to scale up testing to 15,000 to 25,000 samples per day," said Medical Education Minister K. Sudhakar.

He said people living in crowded places, sanitation workers, street vendors, healthcare workers, police and other frontline staff would be extensively tested.

"It has also been decided to mandatorily test all those who have symptoms of Influenza Like Illness (ILI) and Severe Acute Respiratory Infection (SARI)," he said.

Similarly, all people over 50 with ILI symptoms will be tested.

The health department will also randomly test samples in old containment zones to make sure that the infection is not recurring.

Currently, there are 72 Covid testing labs in the southern state, 41 government operated and 31 private labs.

However, for a few days, the number of Covid tests in the state have plummeted.

On Monday, the health department has tested only 5,362 samples across the state.

Likewise, on Tuesday, only 7,936 samples were tested, diverging from earlier weeks when around 10,000 cases were tested on an average.

In all, 4.57 lakh samples have been tested so far, of which 4.39 lakh have tested negative.