Image Source: THE PRINT

Reliance Industries Ltd., India�s most valuable company, said it has become free of net debt months ahead of its March 2021 target after raising over $23 billion from stake sales and a rights issue. The conglomerate controlled by billionaire Mukesh Ambani, Asia�s richest man, said in a statement Friday that it secured 1.16 trillion rupees ($15.2 billion) by bringing investors including Facebook Inc. and a slew of funds into its digital business, raised 531.2 billion rupees selling shares to existing investors and also sold a stake in its energy business to BP Plc. The group racked up net debt of 1.6 trillion rupees as of March as it spent billions to build a wireless network, and the tycoon had promised shareholders in August that he would slash that to zero within 18 months. Shares of Reliance rose as much as 1.7% in Mumbai to a record on Friday, giving it a market value of $143 billion. �I am both delighted and humbled to announce that we have fulfilled our promise,� Ambani said in the statement.