Reliance is now net debt-free after Rs 1.69 lakh cr fund raising: Mukesh Ambani

News Network
June 19, 2020

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.

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News Network
June 3,2020

Mumbai, Jun 3: With an expected increase in wind conditions up to 120 kilometres, cyclone Nisarga is likely to make landfall on the north coast of Maharashtra later today, as per the Indian Meteorological Department (IMD) on Wednesday.

"Wind conditions will further increase up to 100-110 gusting to 120 kmph as conditions are favourable for intensification. The higher sea surface temperature and low vertical wind shear favoured the intensification of severe cyclonic circulation," said IMD in a series of tweets.

Explaining the nature of wind speed, IMD further tweeted, "Eye diameter is about 65 km as observed through Radar. thus the diameter has decreased during past 01 hours indicating intensification of the system. hence wind speed has increased from 85-95 kmph to 90-100 kmph gusting to 110 kmph."

Several National Disaster Response Force (NDRF) teams have been deployed across Maharashtra to ensure preparedness for the impending cyclone. A total of eight teams have been deployed in Mumbai, five teams in Raigad, two teams in Palghar, Thane, and Ratnagiri and one team in Sindhudurg, said NDRF.

Besides, five NDRF teams were airlifted by IL-76 from Vijaywada for Mumbai on June 2, as per the Indian Air Force (IAF)

"Around 60 per cent of people, from the coastal areas around this area, have gone to their relatives' places. The remaining ones have been sent to the evacuation centre. We have also taken into account the COVID-19 guidelines and ensured social distancing," NDRF officer Shiv Parada Rao, deployed with his team in the Dahanu area, spoke to ANI.

"From the information we have received cyclone Nisarga is likely to hit here by tonight. The exact time is not confirmed yet. We are taking all preparedness measures to tackle the situation," he added.

NDRF teams also conducted evacuation in Alibaug during the early hours on Wednesday morning, as per NDRF Director General SN Pradhan.

As per the 5 am bulletin released by IMD, cyclone Nisarga was heading towards north Maharashtra coast at a speed of 11 kmph. It was about 200 km South -SouthWest of Alibag and about 250 km south-southwest of Mumbai at 2.30 AM today, stated the bulletin.

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News Network
March 21,2020

United Nations, Mar 21: The UN has called on all nations to stop the use of capital punishment or put a moratorium on it, a day after four men convicted of gang-raping and murdering a 23-year-old woman were hanged in India.

Seven years after the rape and murder of the young medical student, who came to be known as 'Nirbhaya', sent shock waves across the country, the four convicts - Mukesh Singh (32), Pawan Gupta (25), Vinay Sharma (26) and Akshay Kumar Singh (31) - were hanged to death on Friday at 5.30 am in New Delhi's Tihar Jail.

Responding to the hanging, UN Secretary-General Antonio Guterres' spokesperson Stephane Dujarric said the world organisation calls on all nations to stop the use of capital punishment or put a moratorium on it.

"Our position has been clear, is that we call on all States to halt the use of capital punishment or at least put a moratorium on this," Dujarric said at the daily press briefing on Friday.

The horrific gang-rape and murder of the physiotherapy intern on December 16, 2012, who came to be known as Nirbhaya, the fearless, had seared the nation's soul and triggered countrywide outrage.

This was the first time that four men have been hanged together in Tihar Jail, South Asia's largest prison complex that houses more than 16,000 inmates.

The executions were carried out after the men exhausted every possible legal avenue to escape the gallows. Their desperate attempts only postponed the inevitable by less than two months after the first date of execution was set for January 22.

The execution of the four convicts brings the curtains down on the case that shook not just India but also the world with the details of its brutality The widespread protests subsequently paved the way for a change in India's rape laws.

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News Network
January 29,2020

New Delhi, Jan 29: Badminton champion Saina Nehwal joined the ruling BJP today and is likely to campaign for the party ahead of the February 8 Delhi election.

"I have won medals for the country. I am a very hardworking and I love hardworking persons. I can see Prime Minister Narendra Modi does so much for the country, I want to do something for the country with him," the shuttler said, wearing the BJP scarf.

"I draw a lot of inspiration from Narendra sir".

Haryana-born Saina Nehwal, 29, is a major acquisition for the party in the middle of the Delhi poll campaign; she is one of the most popular sportspersons in India with a huge fan following and brand value. She is preparing for the 2020 Tokyo Olympics.

A former world number 1, she has been honoured with the country's top sporting awards like the Rajiv Gandhi Khel Ratna and Arjuna Award. She was also awarded the Padma Bhushan in 2016.

The Badminton player has won over 24 international titles. In the London Olympics, she won a bronze. She was world number two in 2009 and number one in 2015.

With her tweets praising Prime Minister Narendra Modi, Saina Nehwal was widely seen to lean towards the BJP.

One of her tweets became controversial when it was found to be identical to several others in praise of a PM Modi speech last year. Saina was trolled on Twitter with screenshots of the identical tweets. She was also among the sportswomen who put up identical tweets on Diwali thanking PM Modi for his initiative to empower women, with the hashtag #bharatkilaxmi.

The BJP roped in many famous personalities last year, including cricketer Gautam Gambhir, who was elected MP from Delhi in the national election, and wrestler Babita Phogat. Just before the Haryana assembly polls, the party roped in wrestler Sushil Kumar, Babita Phogat and former Hockey team captain Sandeep Singh. Sandeep Singh won the election and was appointed minister.

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