Reliance Industries made history when it became India’s inaugural Trillion Dollar company by raising around 1.68 Lac Crore in just under two months to enter the top 60 global companies and surpass some major MNCs like McDonald’s($139bn) and Nike($149bn). Even more astounding is Reliance’s position if Reliance were its own country: they would rank 59th richest!
As it stands now, Mukesh Ambani’s net worth surpasses many countries’ economies including Kuwait, Sri Lanka, Mauritius and Myanmar – it’s fascinating! Furthermore, due to his recent surge in growth he overtook Google co-founder Larry Page as 9th richest person worldwide!
How did Mukesh Ambani reach such great success during a global pandemic? Through a rights issue by his Company and sale of 24% stakes to leading global investors – let’s examine this timeline to gain more insight.
Mukesh Ambani pledged that his company will become debt free within 18 months.
At RIL’s 42nd Annual General Meeting, Mukesh Ambani stated “we have an extremely clear roadmap of becoming debt free by 31 March 2021”. Additionally, strategic and financial investors have expressed a great deal of interest in Jio and Reliance Retail consumer businesses; such investment would give Reliance Industries one of the strongest balance sheets globally.
22 April 2020- The Facebook Jio Deal
On 22 April, social media giant Facebook made headlines when they announced an investment worth Rs 43,574 Crore in Reliance Industries that represented 9.99% stake of Jio platforms and was expected to become their largest minority shareholder. Ambani stated that this deal would help realise Prime Minister Narendra Modi’s “Digital India Mission”.
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