Mukesh Ambani, Asia's richest man and chairman of Reliance Industries, has announced the largest share sale in Indian corporate history. The rights issue, valued at approximately $20 billion, aims to reduce Reliance's net debt to zero and fund expansion into renewable energy and digital infrastructure. British banks, including Barclays and HSBC, are among the underwriters vying for a role in the landmark offering.
The scale of the deal reflects India's growing capital markets and the strategic shift of Reliance from fossil fuels to green energy. Ambani stated that the funds will accelerate the company's timeline for net-zero carbon emissions by 2035. The share sale is expected to close by June, with details on pricing and allocation forthcoming.
This move positions Reliance as a bellwether for India's energy transition, a sector where 'calm urgency' defines the necessary pace of change. The data: Reliance's current debt stands at $21 billion, and the rights issue will be offered to existing shareholders at a discount. The involvement of British banks underscores London's role as a global financial hub, even as India's domestic institutions like HDFC Bank also compete for underwriting mandates.
