Indian diaspora true cultural ambassadors of India: President Ram Nath Kovind

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, Jun 26: "Iam Indira Gandhi's granddaughter, not an undeclared BJP spokesperson like some of the opposition leaders," Congress general secretary Priyanka Gandhi Vadra on Friday said, as she alleged that the Uttar Pradesh government is threatening her through various departments for speaking the truth. Priyanka Gandhi's dare to the Uttar Pradesh government came days after the Agra administration asked her to withdraw within 24 hours the claim of high coronavirus deaths in the district.

The Congress general secretary in-charge UP East has accused the Yogi Adityanath government of indulging in propaganda instead of dealing with the pandemic. "As a public servant, my duty is towards the people of Uttar Pradesh. And this duty is to put out the truth before them and not to put forth government propaganda. The UP government is wasting its time by threatening me through its various departments," Priyanka Gandhi said in a tweet in Hindi.

"They can take whatever action they want, I will keep putting forth the truth. I am Indira Gandhi's granddaughter not an undeclared BJP spokesperson like some of the opposition leaders," she said. This week, Priyanka Gandhi repeatedly attacked the Uttar Pradesh government over the "high" COVID-19 mortality rate in Agra and on other issues related to the state government's handling of the pandemic.

In a humanitarian gesture to help fellow citizens in distress, the first in the series of chartered 
flights arranged by Thumbay Group, UAE and the Bearys Cultural Forum (BCF) Trust, 
Mangalore to repatriate stranded Kannadigas in the UAE took off from Ras Al Khaimah 
International Airport in the wee hours of 21st July 2020. The flight was fully occupied, with 186 passengers, all of them desperate to fly back to India for various reasons.

The initiative was conceived and implemented under the leadership of Dr. Thumbay Moideen - Founder President of Thumbay Group & Founder Patron of BCF and Dr. B K Yusuf, the 
President of BCF. The flight was organized on a purely charitable basis, with all necessary 
steps and precautions in place to ensure the safety and comfort of passengers. Thumbay Group assigned its fleet of buses to transport the passengers free of charge from their residences in Dubai, Sharjah and Ajman to the airport. The organizers also provided free meals and refreshments to the passengers, in addition to PPE kits and face-shields distributed free of 
charges.

The passengers on the first flight included many elderly individuals, people with serious 
illnesses like heart-related health issues and diabetes, pregnant ladies and little children as well as people who had lost their jobs and those with expired visas. Dr. B K Yusuf – BCF President, Dr. Kaup Mohammed - BCF General Secretary, other office bearers of BCF, as well as Thumbay Group’s representatives Mr. Farhad C – Director of the Hospitality Division of 
Thumbay Group and Engr. Farwaz P. C. – COO of the Construction Division were present at 
the airport to see off the first group of passengers.

Commenting on the initiative, Dr. Thumbay Moideen said, “This joint initiative of Thumbay 
Group and BCF is to support our fellow Kannadigas desperate to fly back home. We are happy that we have been able to reach out to many of them, to help them fly home to their families. We thank the Governments of the UAE and India, and the Indian Consulate, Dubai, for their support in making this happen. In the coming days, many more stranded Kannadigas would be repatriated under this joint initiative.”
Dr. B K Yusuf thanked Dr. Thumbay Moideen and the office-bearers and members of BCF for 
their efforts to make the initiative a success.

“We are proud that this initiative has brought relief to many Kannadigas and their families today. BCF is grateful to Thumbay Group for its support and partnership for all our humanitarian programs for the support of the needy.”

Dr. Kaup Mohammed said that it was a matter of pride that the much-awaited Thumbay-BCF 
repatriation flight had been carried out successfully. “Measures have been taken to ensure the safety of the flight and its passengers throughout the journey,” he said. He also thanked all the social organizations including Bhatkal Jamath, BCCI, BWF, KCF, DKSC, Kodagu Kannadigas, 
Kannadiga Help Line, Dubai Konkans and KSS, for their support. He specially thanked Mr. 
Syed Hassan Razeen, the owner of ARISTOCRAT Travels for his support in the ticketing, 
boarding and related processes. On behalf of Milano Optics Group and Maxcare, free gift 
hampers were distributed to selected passengers.

The passengers were received at Mangalore airport under the leadership of Mr. Mumtaz Ali - patron of BCF and other distinguished personalities of Mangalore including Mr. Moidin Bava - former MLA, Mr U. T. Ifthikhar, Mr. S. M. R Rashid - President of BCCI central committee and many others. The passengers were transferred to the hotels where they had registered for the mandatory quarantine.

The second flight under this joint initiative is scheduled to take-off from Ras Al Khaimah airport to Mangalore on 24th July 2020. A few more similar repatriation flights are to soon follow, in the coming weeks.