RIL to be debt-free by end of FY12: chairman

Jun 03, 2011 |

Reuters

mumbai

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India's largest listed firm Reliance Industries will be free of net debt by the end of fiscal 2012, Chairman Mukesh Ambani said at the company's annual shareholder meeting on Friday.

The company, controlled by billionaire Mukesh Ambani, had outstanding debt of 673.97 billion rupees ($15.04 billion) as of March 31.

Shares in Reliance, valued at $68.8 billion, have fallen more than 10 percent so far in 2011, contributing significantly to the comparative 9.8 percent fall in the main index, in which the stock has the heaviest weight.

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