MUMBAI, June 19 — Indian tycoon Mukesh Ambani said today that his Reliance conglomerate is net debt free after raising more than US$22 billion (RM94 billion) in a rights issue and selling stakes in its e-commerce unit to Facebook, Saudi Arabia’s wealth fund and others. Asia’s richest man...
Mukesh Ambani, Chairman and Managing Director of Reliance Industries attends the annual meeting of the World Economic Forum in Davos January 17, 2017. — Reuters pic
Asia’s richest man after upending the Indian telecoms market, Ambani is attempting to do the same in e-commerce with Jio Platforms, taking on US giants Amazon and Walmart in the vast market of 1.3 billion consumers. “I wish to assure them that Reliance in its Golden Decade will set even more ambitious growth goals, and achieve them,” he added.
In April, Mumbai-based Reliance raised US$5.7 billion by selling a 9.99-per cent stake in Jio Platforms to Facebook, in one the biggest ever foreign investments in India.
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