Kerala BJP slams CM Vijayan for not attending PM's video conference on 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, Jan 22: The BJP on Wednesday cited statements of several opposition leaders to accuse them of "abusing" Hindus for their appeasement politics and referred to the Congress as "Muslim League Congress".

Seeking apologies from Congress president Sonia Gandhi and NCP chief Sharad Pawar, BJP spokesperson Sambit Patra said leaders of these parties have used the ongoing protests against the amended citizenship law to "abuse" Hindus.

Chavan has said in a public meeting that the Congress decided to join hands with the Shiv Sena to form government in Maharashtra as Muslims wanted the party to stop the BJP, Patra stated, claiming that it shows the opposition party has nothing to do with people belonging to other religions, including Hindus.

Patra also referred to a statement from an NCP leader to attack the opposition.

Asked about Congress leader Mallikarjun Kharge's reported jibe at the RSS for its "non-participation" in the freedom movement, the BJP leader shot back, asking if parents of Sonia Gandhi, who is of Italian origin, had fought in India's independence struggle.

The Indian National Congress, he said referring to the opposition party's full name, should be called "Muslim League Congress".

Jun 3: Emphasising that airlines are clearly the safest mode of transportation, IndiGo CEO Ronojoy Dutta on Tuesday said there is no evidence yet of coronavirus infection getting transmitted among passengers onboard an aeroplane.

His comments against the backdrop of instances of some passengers, who had taken flights after resumption of domestic air services on May 25, testing positive for coronavirus.

"Those people had the virus before they got on to the aeroplane. What is noteworthy is that they have done the tracing after that. There is no evidence of transmission onboard there... that is a very encouraging sign on the safety of airline travel," he said during an earnings call.

According to him, airlines are clearly the safest mode of transportation and there is no evidence yet of contamination on an aircraft.

"You can come in contaminated but so far there is no evidence of passing it on to a fellow passenger," he noted.

Amid concerns over the coronavirus pandemic, aviation regulator DGCA has asked airlines to ensure that to the extent possible, middle seat in flights should be kept empty.

In this regard, Dutta said the airline would keep the middle seat empty wherever it can and "where we have to fill the middle seat, we will have the extra protective gown".

To a query about possible hedging of fuel prices, he said it would be a dumb idea and that airlines adjust to ups and downs in fuel prices.

"I can't overemphasise what a dumb idea it will be for an airline to hedge fuel prices. I looked at it from different angles and it is not a good idea... we looked at hedging and we talked about it at the board level and we said no," he noted.