BCCI going ahead with women's IPL on time: Sourav Ganguly

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.

Former Australia batsman Mike Hussey has heaped praise on MS Dhoni, saying the veteran Indian wicketkeeper-batsman is the "greatest finisher" the game of cricket has ever seen.

"Dhoni is the greatest finisher of all time that the cricketing world has ever produced," Hussey said while speaking to Sanjay Manjrekar on ESPNcricinfo's Videocast.

"Dhoni can keep his cool and make the opposition captain blink first. Dhoni also has unbelievable power. He knows that when he needs to clear the ropes, he can do it. He has that kind of self-belief. Honestly, I didn't have that kind of belief in myself," he added.

The former Australian batsman, who shared the dressing room with Dhoni for the Chennai Super Kings, said the 38-year-old Indian believes in the philosophy that he who panics last, wins the game.

"I tried not to let it reach 12 or 13 runs an over," said Hussey while talking about his ability to finish the game without much hiccups.

"And I learnt this from MS Dhoni. He is incredible. He believes that he who panics last wins the game. So Dhoni would keep his cool, and keep it longer because the pressure is on the bowler as well," he added.

The 44-year-old believes that the greatest players of the game have a few common traits like "they don't hang on to a defeat for too long. If they lose, they move on quickly. They don't let a loss or a win hamper their thinking".

"They are always consistent, and level headed whether it's MS Dhoni or Ricky Ponting."

Hussey, who played 59 IPL matches for CSK, further revealed the secret about the franchise's success in the Indian Premier League.

"And I learnt this from MS Dhoni. He is incredible. He believes that he who panics last wins the game. So Dhoni would keep his cool, and keep it longer because the pressure is on the bowler as well," he added.

The 44-year-old believes that the greatest players of the game have a few common traits like "they don't hang on to a defeat for too long. If they lose, they move on quickly. They don't let a loss or a win hamper their thinking".

"They are always consistent, and level headed whether it's MS Dhoni or Ricky Ponting."

Hussey, who played 59 IPL matches for CSK, further revealed the secret about the franchise's success in the Indian Premier League.

"Supportive owners who let coach Stephen Fleming and captain Dhoni decide how to run the team, excellent chemistry between the coach and the captain, Dhoni's leadership and lastly the foresight of the owners, Fleming and Dhoni to pick the best players, particularly the good Indian players and then stick with them for as long as possible."

"This has built an excellent continuity in the team. And once you have continuity, you build relationships and trust that otherwise takes time to grow," he added.

Hussey also said that once Dhoni bids adieu to the game, CSK would probably like to start all over again.

"That's a 60-million-dollar question, and I am equally intrigued. I believe the owners would like to keep Dhoni involved in some way or the other," said Hussey.

"However, whenever the change of guard happens, CSK might want to start all over again, build a brand, new team, and use their existing philosophy as they enter the next decade of IPL. It is definitely going to be more challenging in current times," he added.

Dhoni was supposed to lead CSK in the 13th IPL edition which now stands postponed due to the coronavirus pandemic.