NEW DELHI: At the 44th Annual General Meeting of Reliance Industries (RIL), Nita Ambani, Founder and Chairperson of Reliance Foundation has announced that Jio Institute will start its operations from its campus in Navi Mumbai and the academic session will also start from this year. Along with this, he also announced to give scholarship in the field of artificial intelligence.
Reliance Industries Limited Chairman Mukesh Ambani said that Reliance has raised capital of Rs 3,24,432 crore through equity sale, rights issue, asset monetization in Jio Platforms and Retail. He said that we look forward to welcoming Saudi Aramco as a strategic partner in the oil to chemical business. Mukesh Ambani said it is expected to formalize the partnership with Saudi Aramco this year.
Fitch upgrades Reliance’s rating to one notch above India’s sovereign rating
Fitch Ratings has downgraded Reliance Industries Limited’s (RIL) rating to ‘BBB’, a notch above India’s sovereign rating. This was done on account of the company achieving cash flow from across the country in the diversified business segment and consistent debt reduction. With this, RIL’s rating has gone up one notch to India’s sovereign rating. It is worth noting that India’s sovereign rating is ‘BBB-‘.
Fitch said in a statement that it has upgraded RIL’s long-term foreign exchange issuer default rating (IDR) from ‘BBB-‘ to ‘BBB’. In addition, RIL’s long-term local-currency IDR has been rated ‘BBB+’ with a stable outlook. The company has cut its foreign currency borrowings outside India by 36 per cent with a prepayment of USD 7.8 billion in the financial year ending March 2021.