PM Modi, Jordan king discuss challenges posed by COVID-19

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.

New Delhi, May 1: The Centre has finalsed the criteria for delimitation of various zones after May 3. It has identified at least 130 districts as red zones, 284 orange zones and 319 green zones.

According to a letter written by Health Secretary Preeti Sudan to the Chief Secretaries of all States and UTs, all the states have to delineate the containment areas and buffer zones in the identified red and orange zone districts and notify the same.

The letter said, the national capital has at least 11 red zones, Uttar Pradesh 19 red zones, 36 orange zones and 20 green zones while, the state of Haryana has 2 red zones, 18 orange zones and 2 green zones.

The Gautam Buddha Nagar in Uttar Pradesh has been identified as a red zone district while, Ghaziabad has been designated as an orange zone. The national capital has no orange and green zone; there are only red zones according to the letter.

In Maharashtra, Mumbai, Pune, Thane, Nashik come in the red zone.

In West Bengal, Kolkata, Howrah, 24 Parganas -- both North and South have been identified as red zones while Hooghly, Nadia, Murshidabad etc have been marked as orange zones.

In the southern part of India, Kerala has 2 red zones and 10 orange zones, while Tamil Nadu has 12 red zones and 24 orange zones.

The Health Secretary said that the list will be revised on a weekly basis or earlier and communicated to states for further follow-up action in consonance with the directions issued by the Ministry of Home Affairs under the Disaster Management Act, 2005 based on field feedback and additional analysis at state level, states may designate additional red or orange zones as appropriate.

However, states may not relax the zonal classification of districts classified as red or orange as communicated by the Ministry. This classification is multi-factorial and takes into consideration incidence of cases, doubling rate, extent of testing and surveillance feedback to classify the districts.

A district will be considered under green zone, if there are no confirmed cases so far or there is no reported case since the last 21 days in the district.

Srinagar, Apr 4: Two militants were reportedly killed in an encounter with security forces in Kulgam district of Jammu and Kashmir on Saturday, police said.

The security forces launched a cordon and search operation based on intelligence inputs about the presence of militants in Hardmand Guri village in Kulgam, a police spokesperson said.

"This operation based on a credible police input was launched this morning. Two terrorists have been reportedly killed so far," the spokesperson said, adding that the exchange of fire was going on.

Earlier, the police tweeted on its official handle that three militants had been trapped in the cordon. "Same group of #terrorists trapped who killed 3 civilians recently," the police said.