India's largest listed firm will be free of net debt by the end of fiscal 2012, Ambani said. The company had an outstanding debt of Rs 67,397 crore ($15.04 billion) as of March 31. At the same time, RIL had cash and cash-equivalents of Rs 42,393 crore ($9.5 billion) as on March 31 this year, which was nearly double the level seen a year ago. These were mainly in fixed deposits, certificate of deposits with banks, mutual funds and government securities/ bonds. RIL's enterprise value stood at about $75 billion.
Hightlights of RIL Chairman Mukesh Ambani's AGM speech:
- Reliance to become debt free this year
- RIL's free cash at Rs 42,393 crore
- Proposed dividend payout of 80%, highest among Indian firms
- Polyester capacity to be hiked to 3.6 million tonne
- To set up 15 million tonne per annum gas cracker plant at Jamnagar
- Exports now 57% of total turnover
- RIL enterprise value at $75 billion
- RIL is single largest investor in upstream space
- KG-D6 has supplied 1.2 trillion cubic feet of gas since production began
- Higher commodity, input prices remain a challenge
- Reliance Retail soon to launch cash-and-carry format, RIL plans aggressive investments in retail
- Says Reliance Retail is largest food retailer in India
- RIL to create end-to-end solutions in digital services, will create national broadband infra
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